Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-04-Speech-3-476-000"
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"en.20120704.28.3-476-000"2
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"Mr President, colleagues, thank you very much for this enlightening debate. Let me just conclude with a few comments.
First, on the need for the instrument. Insufficient levels of investment are a major problem for Europe. This is a structural rather than temporary problem, and the present crisis has made it much more difficult to deal with and to change the situation. That is why we need new additional instruments.
What kind of projects will be financed? I agree with Mr Hoyer; to begin with the focus will probably be on more developed markets. I warmly thank President Hoyer for pointing out that a wider perspective may be possible in the future, when the instrument will be able to target other things as well. That is also very important.
On criteria, Mr Turmes and some others have raised the idea of having other kinds of projects, such as renewable energy projects. I am quite open to that. Let us have a discussion for the coming multiannual financial framework on a more permanent phase for the financial instruments and project bonds. I am quite open to this idea with regard to the evaluation of this pilot phase.
I would say that the main discussion here has been about the risks. I know that some Member States, including my own, have been reluctant to accept this initiative but I hope that this debate has reduced their worries. We are not taking any unreasonable risks with taxpayers’ money and we really need this additional effort.
Do we socialise risk and privatise profits? I would say that with these guarantees we will be able to mobilise resources which otherwise would stay in the coffers or end up in the speculative markets. It is taxpayers who gain the most from such an approach.
The risk is strictly limited. There are no contingent liabilities. If we are given a choice between using EUR 230 million for grants, which will lead to investments of only EUR 230 million, and using EUR 230 million as an innovative financial instrument which might mobilise billions, then we will see that the way we are taking now is quite good.
I began by thanking colleagues; let me also say a big ‘thank you’ to the Committee on Budgets. The secretariat there has done a fantastic job, and so has my own office."@en1
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"Göran Färm,"1
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