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PES President: “Our calls have been heard but the EU Commission’s Investment Plan will not match Europe’s needs”

Today, the European Commission released its proposal for a European Investment Plan. The paper is the long overdue answer to the calls made by the Party of European Socialists (PES) to develop a strong investment plan.

PES President Sergei Stanishev stated: "Since the beginning of the crisis, the PES has been calling for the implementation of an ambitious investment strategy that can effectively foster economic recovery. Today’s European Commission’s proposal on the European Investment Plan is a step in the right direction but yet too humble. We have constantly urged the European Commission to bring up a plan that takes decisive action to foster sustainable economic growth. Our calls have been heard in style, but only partially in substance. The proposal presented today falls short of matching Europe’s needs. The PES believes that Europe needs a concrete and ambitious Investment Strategy to effectively promote economic recovery.

This being said, we welcome the Commission’s proposal to create a European Investment Fund. It will need more incentives to be granted to adequately capitalise the fund. We also welcome the fact that the Fund motivates Member States to use their own funds for investment. Europe needs to do more: it needs to allow for more flexibility to be introduced within the Stability and Growth Pact to allow Member States to effectively invest.

The PES urges the Commission to use the Plan in a way that all Member States directly benefit from – special focus should be given to long term infrastructure, to developing sustainable energy grids, and enhancing our digital potential. The PES urges the Commission to reassess their Plan and incorporate our proposals that can enhance the effectiveness of the Plan and lead towards a more progressive, fair, and sustainable Europe for all”.

PES Secretary General Achim Post stated: "As we have repeatedly demonstrated, our political family’s priority has always been the promotion of economic growth through the implementation of a concrete Investment Plan. Our family will continue fighting for a Plan that fosters both public and private investment and is able to address the issue of increasing unemployment. We are committed to focus all our efforts to deliver a better future for the 25 million unemployed women and men, and in particular the 5 million young without a job".

Last week, the PES Presidency adopted a Declaration on a European Investment Plan with clear and concrete commitments to provide the best returns for growth, jobs, youth, innovation and social justice. To know more about the PES proposals, read the full document here.

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