Proposal for a Regulation establishing the InvestEU Programme

Summary:

Legislative initiative published by the European Commission on 29 May 2020, which replaces the original proposal for the establishment of the InvestEU Programme in the framework of the revamped proposals on the Multiannual Financial Framework (MFF) 2021-2027, in light of the consequences of the COVID-19 (coronavirus) pandemic.

Further information:

In the context of the MFF 2021-2027, there is a need to provide an investment programme to cater for cross-cutting objectives in terms of simplification, flexibility, synergies and coherence across relevant policies of the European Union (EU). Investment needs increased significantly because of the impact of the pandemic on the European economy and the risk of an asymmetric recovery across the EU and within Member States.

Hence, the European Commission decided to withdraw its original proposal for the InvestEU Programme and put forward a revised initiative, increasing the initially proposed financial envelope and amending its scope to reflect the specific post-pandemic needs of the European economy. The new proposal fully reflects the elements already agreed upon by the co-legislators when negotiating the original proposal. In order to cater to the future needs of the economy and to secure or maintain strategic autonomy in key sectors, a new window is added to the programme - the strategic European investment window.

The programme is to stand on four legs:

• the InvestEU Fund providing for the EU guarantee;
• the InvestEU Advisory Hub providing in particular project development-related technical assistance;
• the InvestEU Portal providing an easily accessible data-base for promoting projects in search for financing;
• blending operations.

The proposal was unveiled on 29 May 2020, as part of the EU Recovery Plan and alongside revamped proposals for the Multiannual Financial Framework (MFF) 2021-2027. Representatives of Member States in the Council of the European Union agreed on a partial mandate for negotiations on 4 November. The European Parliament's relevant committee adopted its negotiating position on 28 October, which was endorsed by the plenary on 13 November.

• Primary Source

Commentary and Analysis

EPRS: Briefing, November 2020: InvestEU programme: The EU's new investment support scheme https://www.europarl.europa.eu/thinktank/en/document.html?reference=EPRS_BRI(2020)659364

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Official

European Commission: Questions and Answers: The proposed InvestEU Programme (29 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_947

European Commission: Remarks by Commissioner Gentiloni at the press conference on an enhanced InvestEU Programme and its new Strategic Investment Facility (29 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_974

European Commission: Discours du Commissaire Breton lors de la conférence de presse sur l'accroissement de la capacité d'InvestEU (29 May 2020) https://ec.europa.eu/commission/presscorner/detail/en/speech_20_976

European Parliament: Press Release, 29/10/2020: InvestEU Fund: boost for sustainable, innovative and social investment https://www.europarl.europa.eu/news/en/press-room/20201024IPR90106/

Council of the European Union: Press Release, 04/11/2020: InvestEU: Council agrees its position on revised Commission proposal https://www.consilium.europa.eu/en/press/press-releases/2020/11/04/investeu-council-agrees-its-position-on-revised-commission-proposal/

European Parliament: Press Release, 13/11/2020: InvestEU Fund for sustainable and social investment, MEPs ready for negotiations https://www.europarl.europa.eu/news/en/press-room/20201112IPR91403/

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