Council agrees on EFSI extension

Yesterday, the Council agreed its stance on a proposal to extend the lifespan of the European fund for strategic investments (EFSI), the EU’s flagship initiative under its ‘investment plan for Europe’.

The agreed compromise involves extending the EFSI in terms of both duration and financial capacity, mobilising at least half a trillion euros of investments by 2020. It also introduces a number of operational improvements to take account of lessons learned from the first year of implementation.

“Europe is facing many challenges today and the need to boost investment is one of them. We need to play our part,” said Peter Kažimír, Slovak minister for finance and president of the Council.

“Today’s agreement means that we are delivering on one of our top priorities, in line with the Bratislava roadmap agreed in September. It is also a crucial step in the right direction,” he said. “I am confident that a bigger, smarter and more effective EFSI supported by a well-functioning capital markets union is a right path to take.”

Talks will start with the European Parliament once the Parliament has agreed its negotiating stance.