Jyrki Katainen, Vice-President, European Commission
Well, I think, if – today or this year’s result is that there will be more or less 50 billion additional investment or atleast projects have finance so the outcome will be more or less..50… 50 billion in Real Economy. Next year it should be at least double. But everything depends on the demand. But I also want to be very honest and clear with this – EFSI will not change everything. If looking at the volume that we are targeting – its 315 billion in 3 years time and compare this to long term investment level – we are LACKING of 300 billion PERYEAR & EFSI is supposed to finance 315 billion in 3 years time – So EFSI is an important tool for private investor to invest in Europe but it does not change everything overnight.
So what can be the priority No.1 in 2016?
First Concrete result which should happen next spring is opening of project portal. It basically means a European wide website which both private and public project promoters can bring their projects and they can get better visibility. And investors from Singapore and China and London and from Portugal…can easier than today find good and profitable projects. So this will..the Financial sector has been extremely interested in this opportunity and we have very close cooperation with the industry itself. The second – we will bring concrete proposals on harmonizing on internal market side – for instance – just couple of days ago, Commission did the first proposals on Digital single market – banning the chair blocking, making easier for consumers to buy products across borders and also for entrepreneurs to sell products cross-border. In Capital market’s union – from the beginning of next year, we will flexibilize capital requirements of insurance companies which will help insurance companies to invest in Real Economy – infrastructure for instance…much more than they do at the moment. Also in Energy market sector and in Circular Economy we will harmonize regulation. Basically- the Europe has chosen the way forward and it is to create new market instead of securing the existing one. So – its single market, free trade agreements – this is the policy which we believe in very strongly.