Today France announced that it would
contribute €8 billion in the context of the European Fund for Strategic
Investments (EFSI), which is the core element of the Investment Plan for
Europe. The contribution will come via France's National Promotional
Banks Caisse des Dépôts (CDC) and Bpifrance (BPI).
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "I
welcome the excellent news from France. The contribution via the
National Promotional Banks will ensure the Investment Plan for Europe is
adequately implemented in France, benefitting from the expertise of CDC
and BPI. The plan is progressing fast with the commitment of Member
States, and we are confident that the results will start to be visible
this summer."
The announcement comes just days before European Union finance ministers are due to agree on the Commission’s proposal for a Regulation on the European Fund for Strategic Investments
(10 March). The Commission is ready to provide all the technical
support needed to get the proposal adopted by the co-legislators
swiftly.
Background...
National
Promotional Banks have a crucial role to play in getting Europe
investing again. They have the expertise to carry out the Investment
Plan, and they ensure the most efficient use of public resources.
Germany announced in February that it would contribute €8 billion to the
Investment Plan through their National Promotional Bank KfW, while Spain announced a €1.5 billion contribution through Instituto de Crédito Oficial last week.
The
economic crisis brought about a sharp reduction of investment across
Europe. That is why collective and coordinated efforts at European level
are needed to reverse this downward trend and put Europe on the path of
economic recovery. Adequate levels of resources are available and need
to be mobilised across the EU in support of investment. There is no
single, simple answer, no growth button that can be pushed, and no
one-size-fits-all solution. The Commission is setting out an approach
based on three pillars: structural reforms to put Europe on a new growth path; fiscal responsibility to restore the soundness of public finances and cement financial stability; and investment to kick-start growth and sustain it over time. The Investment Plan for Europe is at the heart of this strategy.
