Today, at its first meeting, the Insurance and Reinsurance Stakeholder Group (IRSG) elected Michaela Koller (Insurance Europe) as Chair and Paul Fox (Finance Watch) as Vice Chair of the IRSG. On 16 July, the Occupational Pensions Stakeholder Group (OPSG) already elected Bernard Delbecque (European Fund and Asset Management Association) to serve as Chair of the OPSG, while Aleksandra Maczynska (BETTER FINANCE ) and Falco Valkenburg (Actuarial Association of Europe) were elected as Vice Chairs.

Notes for Editors

The full list of the IRSG and OPSG members:

IRSG members

OPSG members

• The EU bank will provide €155 million to improve inspection and maintenance equipment.
• Mediterranean Corridor: the EIB is granting €50 million in support for this piece of infrastructure, in addition to the €650 million already provided.

The European Investment Bank (EIB) is set to provide €205 million to Adif Alta Velocidad for the purchase of the rolling stock needed to maintain the Spanish rail network and to drive the development of the Mediterranean Corridor.

The EU bank is granting these funds via two agreements. Firstly, the EIB has approved €155 million in financing for the purchase of four dedicated railway line inspection trains and 44 locomotives for rescue operations, maintenance support and investigation that will work across the rail network. The project will make it possible to improve rail service reliability and quality, and will help to promote sustainable transport. At the same time, it will have a positive impact on jobs, as EIB estimates indicate that it will involve the temporary employment of approximately 2 200 people to manufacture the rolling stock, together with 60 permanent positions for its operation. The EIB and Adif Alta Velocidad have signed the first tranche of this financing, which amounts to €79 million.

Secondly, the EU bank will continue to support the Mediterranean Corridor, a key component of the European rail network and part of the Trans-European Transport Network (TEN-T) that will connect the main cities of the Spanish Mediterranean via interoperable rail lines able to accommodate high-speed trains. To this end, the EIB has granted a €50 million loan to Adif Alta Velocidad, in addition to the €650 million already provided for this project. The goal of this EIB financing is to secure the resources needed to make the interoperable single European railway area a reality on the Spanish Mediterranean coast. The €700 million provided so far has gone towards the construction of the Vandellós cut-off (Tarragona) and the Castellbisbal (Barcelona) to Almussafes (Valencia) line, currently in the implementation phase. The EIB estimates that the project will involve the temporary employment of around 7 000 workers during the construction phase and the creation of about 200 permanent jobs.

On the signature of these agreements, EIB Vice-President Emma Navarro, who is responsible for the EU bank’s operations in Spain, highlighted “the close partnership between the EIB and Adif Alta Velocidad and its positive impact on the development of core rail infrastructure in Spain.  The EIB has led the financing of rail transport modernisation in the country and, as the EU climate bank, is maintaining its firm commitment to supporting investments in this sector that are key to the transition towards a low-carbon economy. The implementation of this project will help with the economic recovery following the COVID-19 crisis by creating sustainable growth and employment.”

Adif and Adif Alta Velocidad President Isabel Pardo de Vera said: “Given that rail is the most efficient mode of transport, it must play a central role in sustainable mobility. The advantages offered by rail in areas such as pollution, congestion and noise can help the European Union to consolidate its environmental policies. EIB support is key to the development of this kind of project, which makes a clear and vital contribution to the European Green Deal. Against a backdrop marked by the consequences of the COVID-19 crisis, all of Adif’s advanced projects are in line with the key pillars of the EU’s recovery plan.”

Since 1991, the EU bank has provided over €12 billion to promote high-speed rail in Spain, financing various projects including bringing AVE high-speed trains to Seville, Barcelona, Valladolid, Burgos, Malaga, Córdoba, Alicante and Valencia. It is also financing the so-called “Y Vasca” (the construction of the AVE line between Vitoria, Bilbao and San Sebastián) and the Alicante-Murcia line. 

Adif (Administrador de Infraestructuras Ferroviarias – Rail Infrastructure Administrator) is a state-owned company under the auspices of the Spanish Ministry for Transport, Mobility and the Urban Agenda. Adif is a key catalyst in the rail sector, making rail a premier mode of transport and providing arm’s length access to infrastructure.

• The financing will fund the investments of municipalities and local entities via Cassa del Trentino.
• It will support public infrastructure, energy efficiency and renewable energy sources, transport, the fight against climate change and recovery following the crisis caused by the pandemic.
• An initial tranche of €160 million has already been finalised.

The EU bank is backing the Autonomous Province of Trento for all sustainable public sector projects and the economic recovery from the impact of the COVID-19 pandemic. This is the goal of the agreement signed today by the European Investment Bank (EIB), which will provide €300 million to the northern Italian province, with an initial tranche of €160 million already finalised. 

Cassa del Trentino – the institution for supporting economic development and infrastructure construction and management within the autonomous province – will be responsible for channelling the resources to municipalities and public entities.

In concrete terms, projects in the public infrastructure, energy efficiency and renewable energy sources, sustainable transport, urban development and renewal sectors together with investments in tackling and mitigating climate change will be eligible for financing. These will be joined by any projects of municipalities and public entities in Trentino that aim to alleviate the effects of the economic and social crisis caused by the pandemic and lay the groundwork for an economic recovery.

The maturity of the loans can be up to 20 years, with a four-year grace period. In addition to the advantages of EIB financing – whose own AAA rated bond issues enable it to offer long maturities and favourable rates to loan beneficiaries – disbursements from Cassa del Trentino will be subject to a guarantee from the province.

“Trentino has a long history of applying EU bank financing. I am therefore very proud that it is the first in Italy to use the resources we are making available to regions and provinces for sustainable investments and to drive the recovery of the economy, which was hit hard by the halt in activity caused by the COVID-19 pandemic,” said EIB Vice-President Dario Scannapieco.

After five days of intense discussions, the Heads of State and Government reached a political compromise. Parliament’s negotiating team on the Multiannual Financial Framework (MFF) and Own Resources (OR) welcomes the fact that at last a common position has been achieved, and that the newly created Recovery Instrument (Next Generation EU) is financed with a borrowing of EUR 750 billion. But Parliament remains critical on some essential aspects of the compromise, particularly on the long-term perspective.

“The Recovery Instrument is an important step towards a new ambition for the Union: greener, more competitive and digital. This massive borrowing is an historical moment for the European Union, and we should not disregard what just happened.” However we regret that the Member States decided to entirely abandon the ‘bridge solution’, whose objective was precisely to provide immediate crisis response to the citizens, following the Covid-19 outbreak. In a context where the virus in on the rise again, citizens need certainty. Parliament will continue working hard to ensure that the recovery starts without delays. Furthermore, democratic oversight must be substantially increased: Parliament, as one arm of the budgetary authority will fight to be fully involved in the establishment and implementation of the Recovery Instrument”, said the EP’s negotiators on Tuesday.

“The picture is much more negative when it comes to the EU long-term budget (the MFF). Parliament cannot accept the proposed record low ceilings as they mean renouncing to the EU’s long-term objectives and strategic autonomy, while citizens ask for more. More European solidarity, more European action in public health, in research and digitalisation, youth, and in the historical fight against climate change. Key programmes to reach these objectives have been considerably shrunk, and lost most of their top-ups under Next Generation EU. We will strive to secure improvements, including higher amounts, on future-oriented MFF programmes like Horizon, InvestEU, LIFE, Erasmus+. And if our conditions are not sufficiently met we will adopt the programmes on the basis of the existing MFF, as foreseen by the Treaty”, warned the members of the EP’s negotiating team.

“The compromise is also a flagrant missed opportunity when it comes to modernising the revenue side, making it fairer and more transparent. The EU is now allowed to borrow funds but there is no certainty on how the debt will be repaid. Parliament has been clear: the recovery should not reduce investment capacities nor harm the national taxpayer. This is why new genuine own resources are the solution to repay the common debt, but the plastic-based contribution will not do the trick alone! We recall our strict demand to that respect: a binding commitment for the introduction of additional own resources as soon as 2021, and still in the course of the MFF 2021-2027. Furthermore, despite the United Kingdom leaving the EU, the insistence on the rebates has been extremely tough and results in a big step back for the European project: instead of being abolished, rebates are kept and even increased.

Additionally, Parliament remains firmly against watering down the mechanism to reduce or suspend EU funding if a Member State disrespects the rule of law, and this issue should not be put off but addressed now. Parliament has stood ready to enter into negotiations under co-decision to continue building a Europe of fundamental rights.

Parliament remains ready to immediately enter negotiations in order to achieve a better agreement for Europe”, the MEPs added.

The EP’s negotiating team for the next long-term EU budget and Own Resources reform

Johan Van Overtveldt (ECR, BE), Chair of the Committee on Budgets

Jan Olbrycht (EPP, PL), MFF co-rapporteur

Margarida Marques (S&D, PT), MFF co-rapporteur

José Manuel Fernandes (EPP, PT), Own Resources co-rapporteur

Valérie Hayer (RENEW, FR), Own Resources co-rapporteur

Rasmus Andresen (Greens/EFA, DE)

Follow them on Twitter: https://twitter.com/i/lists/1205126942384676866?s=20

Next steps

The Council will now finalise its mandate to enter negotiations with Parliament, which will have a final say before the 2021-2027 budget can enter into force. The current multiannual budget runs out on 31 December 2020.

Parliament will set out its conditions and take up negotiations with the German Presidency of the Council of the EU as soon as possible.

EP President David Sassoli will hold a press conference at 11.00 tomorrow morning (22 July) on the conclusions of the EU summit on the revised Multiannual Financial Framework (MFF) and Recovery Plan proposals. It will take place immediately after a first assessment of the EUCO deal by Parliament’s political group leaders.

Journalists are welcome to attend the press conference in person, respecting the precautionary measures in force (see below), or participate remotely via Skype.

Parliament will be using an interactive virtual press environment (with interpretation) based on Skype TX, in conjunction with the traditional EbS and web-streaming services.

If you are unable to attend and wish to ask a question:

• You will need a SKYPE account;
• Connect to VOXBOXEP and write your name and media organisation in the chat box.

Please use headphones and a microphone for better sound quality.

The system will be managed by Parliament’s media services and you will be placed in a queue (virtual waiting room) before being invited to ask your question(s).

If you have any trouble connecting, you can contact: +32 22834220 or use the Skype chat box.

After asking a question / listening to the reply (and any follow-up), you should then disconnect from Skype so that the next journalist in line can be connected to the press briefing room.

You only need to connect through Skype if you wish to ask a question.

REMINDER: working conditions in Parliament for journalists in light of Coronavirus

As of 13 May, it is mandatory to wear a community mask that covers the mouth and nose at all times while in Parliament’s buildings. This is to continue to ensure Parliament’s operational capacity, while at the same time avoiding health risks for Members, staff and other persons working in and visiting the European Parliament. In addition, as of Monday 15 June, temperature controls are being carried out on all persons entering Parliament’s premises.

However, journalists may remove their mask for the duration of a recording (stand-ups, interviews, studio recordings) or when asking a question in the press room, if the social distancing measures are respected. The press room on the ground floor (Paul-Henri Spaak building) is also now open again for those who need to work from Parliament, though social distancing rules remain in force.

Please refrain from coming to EP premises if you present any symptoms of a respiratory infection, if you have knowingly been in contact with an infected person in the last 14 days or if you have been to regions with very high transmission rates.