European Parliament approves Juncker Investment Plan
The European Parliament has backed the European Investment Plan, a €315bn push by Brussels to encourage economic growth in Europe.
Unveiled by the European Commission last November, the plan focuses on financing investments in Europe as a means of driving economic growth.
In a vote on Wednesday, the Parliament approved the rules governing the Investment Plan by 464 votes to 131, with 19 abstentions.
Parliament has pushed for and secured a number of changes to the plan. These include scaling back cuts to the EU research programme Horizon 2020 and the Connecting Europe Facility (CEF). The programmes are to contribute to the investment programme through contributions, effectively cutting their core budgets.
However, the Parliament secured cuts of €500m less than the original proposal, meaning Horizon 2020 will contribute €2.2bn and the CEF €2.8bn. The €1bn returned to these programmes will be paid for out of the unused budget margins of 2014 and 2015.
Parliament also ensured that the list of approved projects will become public. It is now to approve the appointment of the managing director and deputy managing director of the investment fund.
Budgets Committee rapporteur José Manuel Fernandes said: “The ‘Juncker Plan’ is an innovative instrument that will give a major boost to investment in Europe. €240bn from the plan will go to investments, and €75bn will go to the backbone of our economy: the small and medium-sized enterprises that provide two thirds of private sector jobs and make up 99% of businesses in Europe. Politicians don’t create jobs, but we can help those who do.”
