Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-26-Speech-5-231-000"
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"en.20121026.23.5-231-000"2
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".
This motion uses the window already opened by the transfer of unused amounts from the EU budget to create so-called ‘financial instruments’ (FI), in order to give them a more instrumental role in tackling the priorities that are taking shape for the next financial framework. FIs are no more than instruments for transferring funds that were public (such as the Cohesion Fund) into the financial (and speculative) sphere. The majority of the European Parliament wants to go even further than we have until now, extending their application to ‘projects, project groups or parts of project programmes that will generate income and profits’ through public-private partnerships (public funding and private profit). These instruments and the funds that will be attached to them – the Commission estimates that EUR 1 600 billion will be needed between now and 2020 to fund the seven thematic initiatives of the Europe 2020 strategy – will be used to finance large infrastructure projects, which will serve to consolidate the ‘single market’ and its beneficiaries. At the same time, the direct participation of EU capital in infrastructure-sector projects is being advocated. In addition to the chronic shortage of funds in the EU budget, new risks are now emerging, such as even more unequal distribution of the Union’s resources and (even greater) impairment of the cohesion objectives."@en1
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