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Pittella: The investment plan has brought some results but more must be done


08 Jun 2016


Development Policy
Euro & Finance

The Socialists and Democrats today called on the European Commission and the European Investment Bank (EIB) to take higher risks in order to boost the investment plan launched a year ago in Europe.
During a debate in the European Parliament, S&D Group leader Gianni Pittella said:
“Some major results have been achieved but we can and should do more. The financing has to be additional not a substitute. It cannot be business as usual. The EIB have to take higher risks and finance projects that would not have been financed without the investment plan. The triple A rating should not be a dogma for the EIB”. He also called on the EIB and the European Commission to work closely with the European Parliament to make these changes happen. 
“Economic growth , social cohesion, transition to a sustainable economy, reduction of debt through growth; that’s what Europe needs, not blind austerity, not suffocation but oxygen to SMEs.
“We must ensure that the extension of the investment plan announced by the Commission will be a serious and effective response to the economic and social crisis which is affecting Europe right now”, stressed Gianni Pittella.
Note to the editor: The €315billion investment plan launched a year ago is one of the key achievements for the S&D Group in the first part of the legislature. The Group conditioned its approval of the Juncker Commission on the basis of the investment plan. The Socialists and Democrats are particularly concerned about its implementation and success. So far, 64 projects and 185 SME agreements have been approved with a potential leverage of 100 billion euros in the real economy.


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