News
BackThe EU Commission hopes that the Fund will help closing part of the enormous investment gap in Europe that restricts growth and employment and which exists not least because of the failed austerity policy of recent years. As an incentive for the participation of the Member States, the rules, presented this week determine that the level of contributions in the joint Fund decides how many votes will be allocated within the new Steering Board to be created. As a further incentive, the Juncker Commission proposes that payments into the Fund will not be charged to the budget deficit of the Member States. The selection of projects, which are regarded as being eligible for aid, shall be the responsibility of an independent Investment Committee, which in turn will be accountable to the Steering Board. Apart from that, a European Platform for Investment Consultation, the European Investment Advisory Hub, shall provide advice and support. A European Investment Project List, the transparent European Project Pipeline, shall inform investors of promising projects.
Stability and Growth Pact
Largely unnoticed by the public, the Commission also published on Tuesday a Communication containing new guidelines on the use of the Stability and Growth Pact (SGP). With this own interpretation, the Commission wants to provide more scope for flexibility within the existing rules of the SGP, without changing the existing rules, which have often been criticised as being too dogmatic. This among other shall provide Member States such as France and Italy, both of whom, due to their budget policy, are close to being fined by Brussels, with more breathing space.
Further information:
Link to Commission Website on the Investment Plan (EN)
Link to the Communication of the Commission on Interpreting the SGP (English only)