EUROPEAN INVESTMENT BANK

Transcription

1 EUROPEAN INVESTMENT BANK RISC Consortium and the UNU-CRIS Summer School/ Students Research Symposium, 3 rd July 2012, Luxembourg EIB s role in Promoting EU Regional Policy Eugenia Kazamaki Ottersten 1

2 Outline Context EU Regional Policy - Policy and regulatory Framework Continuously enhanced EIB role Cohesion Policy Cohesion Policy Europe Co-financing EIB Instrument - EIB support and future development 2

3 Context EIB Created by the Treaty of Rome in 1958 to provide long term finance for projects promoting EU integration (no Community Regional Policy available) EIB regional Policy First Commission report on Regional Policy 1965 Directorate for Regional Policy established 1967 First official document 1969 «A regional policy for the Community» 3

4 Context if Community regional policy is to be successful, it requires not only new incentives and disincentives but coordination of the various common policies and financial instruments which exist at Community level with a view to their improved utilisation for regional objectives - Thompson Report paved the way to the first regulation on the Regional Funds also setting guidelines Economic and social cohesion - Single European Act in 1986 In Cohesion policy - Treaty of the European Union - Protocol on Social Cohesion adopted - Committee of the Regions established 4

5 Regulatory Framework (EEC) No 725/75 of the Council of 18 March 1975 establishing a European Regional Development Fund (EEC) No 1787/84 of 19 June 1984 on the European Regional Development Fund (EEC) No. 2052/88 of June 1988 on the tasks of the Structural Funds and their effectiveness and in coordination with the operations of the EIB and other existing financial instruments (EC) No 1260/1999 of 21 June 1999 laying down general provisions on the Structural Funds (EC) No 1083/2006 of 11 July 2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and repealing Regulation (EC) No 1260/1999 Regulations for the next programming period under preparation/discussion moving into a more coherent direction for EU Funds (common strategic objectives and governance) 5

6 Regulatory Framework What is an EU Regulation? (EC) No 1083/2006 of 11 July 2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and repealing Regulation (EC) No 1260/1999 Regulations for the next programming period under preparation/discussion moving into a more coherent direction for EU Funds (common strategic objectives and governance) 6

7 EIB Role lending, blending, advisory services Promoting regional development through Lending - in line with 1969 cohesion policy - co-ordination of available financial instruments Combination of grants and loans - introduced with Regulations concerning Structural Funds in 1988 Complementarity In 1993 the EIB signs a cooperation agreement regarding the implementation of the financial mechanism for achieving cohesion (Cohesion Fund) Cooperation agreement signed between the Commission and the Bank in January 2000 covering the programming period in support of reviews and appraisals of projects 7

8 EIB Role lending, blending, advisory services Technical Assistance - JASPERS launched to provide Technical Assistance for the preparation of mainly large projects in the programming period Joint instruments in particular regarding finacial instruments, financial and technical advisory services Crisis alleviation specific measures to support growth and employment 8

9 Cohesion Policy EIB participation in support of the Structural Funds is governed by the EC Treaty, art. 309 European Regional Development Fund (to strengthen economic, social and territorial cohesion; via regional and thematic objectives) European Social Fund (the main instrument investing in people in order to boost employment) Cohesion Fund to assist Member States with a GNI of less than 90% of EU-27 average (investments in transport networks and the environment) 9

10 Cohesion Policy Funds available EUR 347bn Convergence Regional Competitiveness and Employment European Territorial Cooperation 10

11 Cohesion Policy Funds available EUR 376bn Under discussion Including to Less developed regions Transition regions More developed regions Cooperation to outermost regions 11

12 Cohesion Policy How is the strategic framework defined? Community strategic guidelines National Strategic Reference Framework Operational Programmes Strategic Programming in line with Europe2020 Strategy Territorial Agenda

13 EUROPE 2020: AN OVERVIEW HEADLINE TARGETS Raise the employment rate of the population aged from the current 69% to at least 75%. Achieve the target of investing 3% of GDP in R&D in particular by improving the conditions for R&D investment by the private sector, and develop a new indicator to track innovation. Reduce greenhouse gas emissions by at least 20% compared to 1990 levels or by 30% if the conditions are right, increase the share of renewable energy in our final energy consumption to 20%, and achieve a 20% increase in energy efficiency. Reduce the share of early school leavers to 10% from the current 15% and increase the share of the population aged having completed tertiary education from 31% to at least 40%. Reduce the number of Europeans living below national poverty lines by 25%, lifting 20 million people out of poverty. SMART GROWTH SUSTAINABLE GROWTH INCLUSIVE GROWTH INNOVATION EU flagship initiative "Innovation Union" to improve framework conditions and access to finance for research and innovation so as to strengthen the innovation chain and boost levels of investment throughout the Union. EDUCATION EU flagship initiative "Youth on the move" to enhance the performance of education systems and to reinforce the international attractiveness of Europe's higher education. DIGITAL SOCIETY EU flagship initiative "A digital agenda for Europe" to speed up the roll-out of high-speed internet and reap the benefits of a digital single market for households and firms. CLIMATE, ENERGY AND MOBILITY EU flagship initiative "Resource efficient Europe" to help decouple economic growth from the use of resources, by decarbonising our economy, increasing the use of renewable sources, modernising our transport sector and promoting energy efficiency. COMPETITIVENESS EU flagship initiative "An industrial policy for the globalisation era" to improve the business environment, especially for SMEs, and to support the development of a strong and sustainable industrial base able to compete globally. EMPLOYMENT AND SKILLS EU flagship initiative "An agenda for new skills and jobs" to modernise labour markets by facilitating labour mobility and the development of skills throughout the lifecycle with a view to increase labour participation and better match labour supply and demand. FIGHTING POVERTY EU flagship initiative "European platform against poverty" to ensure social and territorial cohesion such that the benefits of growth and jobs are widely shared and people experiencing poverty and social exclusion are enabled to live in dignity and take an active part in society. 13

14 Inclusive growth EU Flagship initiatives Sustainable growth Smart growth Policy objectives mapping EIB objectives for EU and Pre-accession countries Economic and Social Cohesion and Convergence Knowledge economy Trans- European Transport Network Environment and Promoting Sustainable Communities SMES and Midcaps Supporting sustainable, competitive and secure energy Innovation Union Youth on the move Digital agenda for Europe Resource efficient Europe An Industrial Policy for the globalisation era An agenda for new skills and jobs European platform against poverty 14

15 Inclusive Growth and Social Capital Increasing the capacity of persons and regions to contribute to growth and well being Ensure active participation to society Requiring a dynamic private sector environment supported by efficient public infrastructures and services This entails also «soft» or «intangible «investment primarily in life long learning, human capital including RDI and social capital Catering to small scale investments and to vulnerable groups including i.e. local projects, urban development, social housing 15

16 Co-financing EIB instrument - Structural Programme Loans Framework Loan (FL) - flexible instrument to finance multi-scheme operations Structural Programme Loan (SPL) - FL co-financing Structural Funds SPL levels: - regional - multi-regional - national - sectoral Experience gained in a number of countries and regions TA available in the form of JASPERS and on specific demand (i.e. Bulgaria, Romania) Financial engineering instruments: JEREMIE, JESSICA, etc. 16

17 Structural Programme Loans Robust control system and sound investment policy EC audits MS audits Certification of expenditures 1 st level control Compliance assessment Management and control system Strategy Operationalisation Prioritisation Project selection Project 17

18 EIB support and future development Reinforced partnership between EU Funds and EIB loans in a structured way Revived opportunity for the Bank to deepen its policydriven approach and to act beyond the scope of a traditional Bank EIB as a centre of expertise taking a proactive and active role in technical assistance developing innovative financial instruments Providing specific expertise fiancial and technical in a wide range of areas i.e. in public private partnerships Instrument to address the economic downturn in EU 18

19 Thank you! Eugenia Kazamaki Ottersten Project Directorate Environment and Regional Development Department Regional and Urban Development Division 19