ECOFIN Council discusses Juncker Plan
At its meeting on 9 December 2014, the Council on Economic and Financial Affairs (ECOFIN) discussed the European Commission's proposed action plan on investment, also known as the Juncker Plan, as well as the work of a task force set up to identify potentially viable investment projects.
The € 315 billion investment plan foresees foresees the creation of a European fund for strategic investment in 2015. The fund’s role will be to provide risk-bearing capacity to promote investments in energy, broadband and transport infrastructure, education, research and innovation, renewable energy and energy efficiency, as well as to back risk finance for SMEs.
Speaking at the ECOFIN meeting, Investment Commissioner Jyrki Katainen called the Juncker Plan "not just a one-off stimulus measure, but a structural plan - or structural reform – at European level", consisting of the three "angles" of providing liquidity, a "pipeline" of viable projects which the private sector could choose to invest in, and the Single Market. The task force set up for this purpose by the Commission presented an open list of around 2,000 projects submitted by the Member States to the Council.
The European summit next week has yet to give its approval to the Juncker Plan.TOP