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The EESC considers the proposed European Investment Stabilisation Function (EISF) as a step towards closer euro area integration, and possibly an attempt to encourage non-euro Member States to join the single currency. However, the EESC is of the view that a well-crafted union-wide insurance scheme that acts as an automatic stabiliser amidst macroeconomic shocks would be more effective than the proposed EISF.
The EESC welcomes the fact that the package of regulations on the future multiannual financial framework includes the InvestEU proposal to strengthen investment activity in the EU, including long-term investment projects that are of high public interest, while also respecting the sustainable development criteria. In order to guarantee that this programme operates successfully, the Committee underlines the importance of the involvement of civil society organisations and social and economic partners. The EESC appreciates the European Commission's efforts to create an umbrella financial instrument by the InvestEU programme that will result in unified management, enhanced transparency and potential for synergies. The EESC appreciates the fact that, in addition to promoting sustainable infrastructure, small and medium-sized enterprises (SMEs) and research and innovation, the InvestEU programme also focuses on social investment and skills.
The EESC welcomes initiatives to foster productive investment and the formation of long-lived tangible and intangible capital but urges the Commission to give greater attention to the need to finance more "socially useful" capital investment. If banks are likely to play a less prominent role in the future as providers of long-term financing, then opportunities may arise for other intermediaries such as national and multilateral development banks, institutional investors, sovereign funds and, crucially, bond markets. The EESC welcomes the recent recapitalisation of the EIB as this will strengthen its ability to leverage additional private investment finance and to play a stronger countercyclical role in investment funding and credit supply to SMEs..