Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-04-Speech-3-456-000"
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"en.20120704.28.3-456-000"2
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"Mr President, I am glad that growth, one of the core concepts we have always defended, has reached the frontline of the debate. Nevertheless, we must bear in mind that growth is created by markets – not by institutions or legislators – so, if we want growth, we should support the market.
If we want to speed up the development of infrastructure in order to complete the internal market and boost competitiveness, we must use our shrunk budgets to attract private finance dedicated to long-term investments. The new mechanisms, like the Connecting Europe Facility, should primarily rely on these financial instruments to develop energy and telecom infrastructure in a stable and transparent framework which will not distort markets and which will attract private investors, rather than crowding them out by creating an uneven competition between public and private money.
Yes, we need project bonds to work and, yes, we need them to be assessed and improved after their pilot phase. What we also need is for our institutions to support the real stakeholders: banks and institutional investors. We need to develop this new asset class which should bypass current uncertainty and debt driven constraints and that will help to complete and expand markets.
Being part of the solution requires leverage for each euro spent by the public sector. For this, the time is gone when we could rely on grants alone."@en1
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