The effectiveness and efficiency of the European Fund for Strategic Investments (EFSI) cannot be solely measured on the money spent but rather on its value added for the European economy, on the leverage effect of the implemented projects.
This was the main observation of Michael Schneider, President of the EPP Group in the European Committee of the Regions, who attended a conference on the EFSI organised by MEP Andrey Novakov (EPP/BG) in the European Parliament on Monday.
Coming a week ahead of the European Commission's EFSI mid-term review, the panellists debated whether the implementation of the EFSI is meeting their expectations and delivering results.
The EFSI projects are supposed in part to result in much needed job creation on the ground, which is a shared responsibility between all levels of government – underlined President Schneider. He also emphasised how important it is that regions and cities are consulted on investment being made in their areas, so that they complement the delivery of local and regional strategies based on a bottom-up approach.
EFSI soared high beyond expectations and we are here to support it. However, it's like driving your car – you look ahead but also in the mirrors to make sure there are no problems. A stocktaking exercise is needed to see what's good or bad and what can be done better – MEP Andrey Novakov summarised the debate.
The EPP Group in the CoR helps local and regional authorities learn about the opportunities that are available to them in this field. Last year, we published a dedicated guide on "Making the EU Investment Plan work in Regions and Cities"
--- --- ---
The European Fund for Strategic Investments (EFSI) is the largest joint initiative of the European Commission and the European Investment Bank, aiming to generate private investment and jobs in Europe.