"Social entrepreneurship represents 10% of European undertakings and 11 million workers. The market of responsible investment amounts to €1000m in Europe today. These new approaches are developing fast. The EU must support them in proposing a reliable and attractive European investment instrument. With the creation of a European Social Entrepreneurship Funding label, our goal is to double the amount of responsible investment in Europe", said Sophie Auconie MEP, after her Report on European Social Entrepreneurship Funds was adopted by a large majority (36 in favour, 4 against, 2 abstentions) in the Economic and Monetary Affairs Committee of the European Parliament today.

"This draft Regulation aims to create a European Social Entrepreneurship Funding label. Investment funds wishing to invest in a responsible way, and which respect conditions included in the Regulation, amongst others the obligation to invest about 70% in social undertakings, will be able to use this label to convince potential investors", Sophie Auconie explained.

"With this Regulation, the EU is responding to two needs: the necessity to diversify financial resources for social undertakings on the one hand, and the need to bring financial markets closer to the real economy on the other hand", she added.

"As Rapporteur, my objective was two-fold: ensuring the attractiveness of this new label and guaranteeing the investor's protection. The text which was adopted today finds the right balance between those two requirements. I am confident that discussions with the Council and the Commission will enable us to maintain that balance and to reach a first reading agreement", she concluded.

The negotiations with Council will start next week. The vote in plenary is expected for July 2012.

(Translation from the original French)

For further information:

Sophie Auconie MEP, Tel: +32-2-2847109

Marion Jeanne, EPP Group Press and Communications Service, Tel: +32-479-840293

Notes to Editors:

The EPP Group is by far the largest political group in the European Parliament with 271 Members and 3 Croatian Observer Members.