Brian Hayes MEP

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Juncker Investment Plan is not an ATM machine

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Commenting this morning in the European Parliament, Fine Gael Dublin MEP Brian Hayes said

“This morning’s announcement from the European Commission on investment is welcome. Europe needs a kick start to get people back to work. Private investment in Ireland is down 20% since 2008. Without private sector investment we won’t get growth. We are already lagging behind the USA on the investment front.”

“By using existing public investment to leverage private sector funding in viable new projects – we can make a difference. €63 billion from the European Investment Bank and from the existing EU Budget has the potential to unlock €270 billion in private sector funding. The new fund – the EFSI – will be able to take on risk in a way that the EIB cannot. By diminishing the risk issues for good projects – we can get Europe moving again.”

“New funds need a pipeline of good projects. There is a responsibility on all member states to bring good projects forward.”

“Ireland has a chance to get first mover advantage on this. Because public investment and private investment has been badly hit in Ireland in recent years, former programme countries, like Ireland, need more support from this plan. I made this point last night to Jean Claude Juncker. We need to bring forward projects that are market focused and help Ireland become more competitive. Time is of the essence.”

“There is no new money around as Europe suffers from debt levels that are too high. But we know there are lots of projects which cannot get capital. I hope this announcement can provoke a new confidence in Europe.”

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