European Fund for Strategic Investments (EFSI) (Regulation)
The Commission assumes an investment gap in the EU, as investments have fallen in the EU by 15% since 2007. Consequently, it wants to mobilise investments in the EU amounting to € 315 billion by creating a European Fund for Strategic Investments (EFSI).
The investment plan will not solve any of the problems that have resulted from the drop in net investment in the EU. It brings with it a significant risk of misallocation of resources. The "favourable" treatment of national contributions to the investment plan, in the context of the budgetary targets under the Stability and Growth Pact, undermines its credibility. It is absolutely essential for EFSI investments to be compatible with the EU state aid law. The EU ban on state aid applies to national contributions to actual EFSI projects. The "simplified and accelerated" assessment procedure for these contributions will undermine the ban on state aid if the "principles" for assessing EFSI projects under the state aid law are not equivalent to the assessment level applicable under the ban on state aid. Of greater importance than the promotion of investment is to ensure a stable and predictable regulatory.