The Council adopted conclusions on “measures to support investment in Europe ” as a key element of the EU's response in promoting competitiveness and growth. It called on the Commission to analyse the factors that are conducive to improving the business climate in Europe, notably the key nexus between investment and implementation of structural reforms.
It welcomed the creation of a task force, co-chaired by the European Investment Bank and the Commission with the participation of all Member States, to analyse the main barriers and bottlenecks to investment and proposed practical solutions to overcome those impediments.
The task force will identify potentially viable investment projects to be realised in the short and medium term. It will lay the foundation for a credible and transparent pipeline of projects to boost EU competitiveness and growth potential in the medium to long-term. Moreover, the Council highlighted the importance to adopt innovative financial and institutional arrangements with a view to further enhancing the catalyzing role of the EIB and in general stressed the need to make the action of the EIB more effective.
“The Council has agreed on the importance of boosting investment in Europe as a pillar of the growth strategy that the Italian presidency has put on the table at the beginning of its mandate in July” said Pier Carlo Padoan, minister of economy and finance of Italy and president of the Council. “We are now moving towards more concrete measures to be taken, identifying avenues through which public and private investments can be relaunched.”
EIB and the Commission will report on those strands of work at the December Ecofin.