Committee on Economic and Monetary Affairs Joint meeting Committee on Budgets CJ16 - BUDG-ECON (Rule 59)
Legende
Markierungen im Transkript
- Text Aktuell abgespielter Satz
- Text Suchergebnis
- Text Redebeitrag, auf den der geöffnete Link verweist
Klicken Sie auf einen Satz, um das Video ab dieser Stelle abzuspielen. Markieren Sie Text, um ihn mit Redner, Zeitstempel und Link zu zitieren.
Weitere Optionen
Versatz
Versatz des Transkripts
Exportieren
Aufzeichnung
Versionen dieses Videos
- Aufzeichnung Endgültige Version · 2. September 2026Angezeigt
- Live aufgezeichnet Live übertragen am 2. September 2026
Die Transkripte können sich von Version zu Version leicht unterscheiden.
ECON European Parliament
Ihren Sitzungen folgenRedner 8
The EIB Group expects the total financial impact of the projects supported through this amendment to be around 70 billion euros until the end of the current MFF, therefore exceeding the 55 billion euros target of the Omnibus II package. And InvestEU has also been successful in attracting additional resources, particularly from Member States and other EU programmes. The total EU guarantee available through the InvestEU Fund amounts to 34.9 billion euros. The budget set out in the InvestEU regulation and increased via the Omnibus II to 29.1 billion has been strengthened by contributions made through the Member States national compartments, and we have 10 countries who have contributed with 4.3 billion euros, and by third country contributions from Iceland and Norway, and by considerable top-ups from nine other EU sectoral programmes.
And I would like to add two observations on the Member States' compartments. First, Member States' contributions have been overall substantial and especially when it comes to the Recovery and Resilience Facility. Member States' compartments have proven to be a very efficient way to make good use of the funds provided. Hence, we have seen some last-minute surge in demand from Member States, including Italy, Romania, and Greece, which we managed to conclude over the summer break. Second, looking into the Member States' compartments from the perspective of the InvestEU program, the implementation spreads across several implementing partners: the EIF, the EBRD, but also national promotional banks, even if the EIF has been by far the largest partner in this context, thanks to its proactive and strong engagement with the Member States' authorities.
And clearly, the main beneficiaries of the Member States' compartments have been SMEs and small mid-caps, with products supporting them in general, but also more specifically supporting their sustainability and their innovative capacity and digitalization. And just to give some numbers, we have supported 750,000 SMEs, and with the Omnibus 2, we have been able to support 150,000 SMEs. So, in terms of implementation, InvestEU is delivering on what we have promised. Out of the 34.9 billion euros available European guarantee, 33.5 billion euros, which amounts to almost 96%, have already been allocated to implementing partners through signed guarantee agreements. The implementing partners have already approved 29.2 billion of EU guarantee, which equivalent, which is equivalent to 84% for financing and investment operations according to the latest data that we have from the end of March 26.
Out of the approved European guarantee amount, 64% has already been signed, which amounts to 18.8 billion euros. Importantly, InvestEU has shown strong results in mobilizing additional investment to support the Union's priorities. Based on the approved operations at the end of December 25, InvestEU is expected to mobilize almost 400 billion of additional public and private investment. Each euro of guarantee is supporting more than 15 euros in total investment, with around 67% stemming from private sources.
I would also very briefly highlight the importance of other pillars of InvestEU, like the InvestEU Advisory Hub, as the largest EU-funded advisory program, implementing in partnership with international and financial instruments. And indicate that with the high demand for the InvestEU Advisory Hub support, and thanks to the very strong support of the European Parliament in the InvestEU Omnibus legislative process, now the Advisory Hub operates with a substantial budget envelope, which is expected to reach close to 700 million by the end of the current MFF. So to summarize, the InvestEU program has proven its value added in view of the next MFF. Its policy-driven governance and structure, reflected in its four policy windows, is well-suited to support the EU's long-term commitment to a green and digital transition, as well as the competitiveness and resilience of strategic sectors. It has been designed as a flexible program that can be easily adapted to the new priorities over its lifetime.
InvestEU makes an efficient use of EU budget resources. As I mentioned it, for each euro of EU budget set aside, with a risk buffer provisioned at 40%, more than 15 euros of investments are being supported. As highlighted in the Draghi report, existing EU financial instruments, including InvestEU, have been effective in supporting investments, but their scale is not commensurate with Europe's investment needs. Europe must act now with greater ambition, speed, and unity to close its innovation and investment gap. In this context, InvestEU is a key instrument to mobilize strategic public and private funding, support Europe's competitiveness, and accelerate the green and digital transition.
A strong and reinforced InvestEU will be essential to deliver on our common European priorities, to strengthen economic resilience, and to respond to citizens' expectations for jobs, prosperity, and long-term security. And this is why under the European Competitiveness Fund, the ECF InvestEU instrument, which is the InvestEU fund successor, which will consist of the budgetary guarantee and financial instruments, will be the preferred mode of implementation. It will help to de-risk private investments and activate capital for growth, ensuring that Europe's innovative startups and scale-ups can find funding for growth and stay in Europe in a wide spectrum of EU policy priorities. Thank you very much, Mr. Chair. Thank you very much, Madam Chair.
Aurore Lalucq
Thank you, Ms. Berger. We have less than 20 minutes left, so I will suggest to group the questions. You have one minute each for the question, and I will start with the members in charge of following InvestEU for EPP, Ms. Benjumea.
Isabel Benjumea Benjumea
Thank you, Chair. I will be speaking in Spanish. Muchísimas gracias por la muy detallada presentación.
Sin lugar a dudas, InvestEU ha sido y sigue siendo un instrumento muy eficaz que cumple con los objetivos para los que ha sido diseñado. Una colaboración público-privada que consigue movilizar inversión privada de empresas y pymes, la que realmente genera riqueza y oportunidades. Un instrumento que fomenta la competitividad, la atracción de inversiones y, por lo tanto, la creación de empleo y oportunidades. InvestEU es un claro caso de éxito y de cumplimiento de objetivos y deberíamos entonces potenciarlo y reforzarlo, tomándolo como modelo para desarrollar prioridades estratégicas y reforzar nuestra capacidad competitiva. Tengo dos cuestiones concretas.
La primera, diversos estudios y análisis muestran cómo una de las debilidades de InvestEU son las diferentes informaciones que hay sobre su verdadero impacto económico y los datos de ejecución final, problemas que se repiten en otros programas de la Unión y que ha denunciado el Tribunal de Cuentas Europeo. ¿Qué posibles mejoras en transparencia y rendición de cuentas se pueden implementar? En segundo lugar, seguimos teniendo dificultades para financiar el crecimiento de nuestras empresas más prometedoras porque no tienen acceso a capital. Muchas de ellas, muchas scale-ups, acaban saliendo de Europa. ¿Qué podemos hacer para que estas scale-ups tengan acceso a ese capital que necesitan para crecer aquí en Europa y competir a nivel global?
Muchas gracias.
Irene Tinagli
Yes, thank you very much. You mentioned that, you know, it's a very efficient instrument. We often pride ourselves about that. An important component is the additionality evaluation. And the thing that I want to ask you is about the ex-post evaluation of additionality, because normally it is evaluated ex-ante.
It's not so clear what kind of ex-post evaluation is made. Many remarks about that have been raised. I would like to know if the Commission is evaluating, for example, in light of the role within the ECF, the next MFF, to ask implementing partners to provide ex-post additionality evaluations, if so, with which methodology, because it's not that easy to do the evaluation. And one last thing very quickly, on the provisioning and the risk diversification. The risk profile of the portfolio is very important.
It determines the provisioning. But as of now, the risk is evaluated around 7 billions and 2.2 billions are kind of offset or abated because of the diversification of the portfolio. However, it's not so clear how this evaluation has been made, what are the criteria, what are the assumptions for this risk evaluation. The Parliament does not have access to this data information, so I would like to know if the Commission is ready to disclose, at least in aggregated form, the main product-level assumptions, correlation, sensitivity analysis underlying the risk assessment. Thank you.
Enikő Győri
Thank you. Madam Berger, welcome. I agree with you that the InvestEU is a good instrument because it's business-oriented, because it concentrates on SMEs and is quite close to real world. It took a while to set it up, two years, it was not easy, but we have a mechanism now that is working.
But what I'm very worried about is the future and the transition to the MFF and how we will be able to maintain this kind of now more or less flexible instrument. My first question would be that what is your opinion on this new structure on the European Competitiveness Fund issue? And don't you think that the overly prescriptive nature and centralized system which is implied by the new MFF ideas, so how will it impact the concept of InvestEU and how do you think it will be able to survive? I know the figures, I'm not worried about the figures, but I'm quite worried about the transition, how do you think it can be, we can not have a cliff-edge impact because I'm quite worried for the running programs and how to do that. And my final question is about conditionality.
You know that we're going to have a conditionality umbrella above MFF and I find it very hardly compatible with the business-oriented and back-to-real-world impact or concept of InvestEU. So your opinion on conditionality. Thank you so much.
Bogdan Rzońca
Dziękuję bardzo. Mój komentarz jest taki, mój komentarz jest taki, że jest oczywiste, że program InvestEU jest dobrym programem. Natomiast jest on bardzo głęboko zakorzeniony w promocji zielonej energii i wszystkiego tego, co wiąże się z zieloną energią. Jeśli promujemy jednoznacznie tę zieloną energię, to ignorujemy w pewien sposób miks energetyczny w Unii Europejskiej. Brak tego miksu energetycznego w Unii Europejskiej powoduje, że firmy z Unii Europejskiej uciekają, przenoszą swoją działalność, zwalniają pracowników.
Dowodem na to jest fundusz globalizacji. My na komisji budżetowej bardzo często pokazujemy tę sytuację, że firmy z wysokich półek technologicznych po prostu albo upadają w Unii Europejskiej, albo zamykają swoją działalność, albo tracą konkurencyjność względem firm ze Stanów Zjednoczonych czy z Chin. Wobec tego moje pytanie jest takie, czy w dalszym ciągu ten fundusz konkurencyjności nie będzie uwzględniał, nie będzie uwzględniał realiów gospodarczych, tego gospodarczego eurorealizmu, który powoduje, że mamy wielokrotnie droższą energię w Unii niż na innych kontynentach. Dziękuję bardzo.
Aurore Lalucq
Thank you. I think that Ms. Ohsson is not here anymore. For the Greens, Mr. Nykvist.
Rasmus Nordqvist
Yes, thank you and thank you for the presentation here. I mean no discussion about the success. My question is a bit, we've seen the investments within the climate objectives really reaching well beyond the minimum target and this is fantastic and good. I'm just a bit worried with the Omnibus if you see any challenge here to do this great performance when it comes to the climate, to reach the climate objectives, if the Omnibus is interfering in that transition we see here from InvestEU. And also how ready you see InvestEU when it comes to new objectives, for example within the circular economy where we see a lot of companies with the need of investment to scale up for European solutions, but we see they have difficulties with actually being valued at the right level and reaching the right investments.
Thank you.
Damian Boeselager
Yes, I just wanted to ask on the whole question of startups and SMEs, but especially startups. You mentioned that there are instruments there. I was just wondering what you think in general about a startup quota when it comes to InvestEU instruments.
Redner 8
Thank you very much, Mrs. Chair, Madame la Présidente, and many thanks for these questions. I see several questions that relate to the power or to the to the margin of action that we that we have and that we will have in the context of InvestEU, in the context of the ECF InvestEU, notably with the question of the attribution or the specificity of the attribution to the to the windows or to the general envelope. In what several MEPs have said, I understand that we need to preserve, I would say that we need, we will need to be able to preserve the capacity to go beyond the specific elements because otherwise we are going to be very restrained by the thematic labeling of the windows. So that is something that we have observed and we have been able to proceed in the context of InvestEU and that we will need to be able to keep in the context of the ECF and the ECF InvestEU. The transition is is going to be very important and what I have said on the capacity to be able to get beyond the very specific labeling will be particularly relevant for the transition.
So we will be able to have the possibility we will need to be able to have the possibility to adapt to the needs, notably for what has been raised for SMEs and for startups in order to be able to go beyond the strict labeling. You have also asked about the assessment of the impact and and how to improve the transparency of information and what can we do in this regard on this to be able to communicate more detailed information on impact and how what can we do. As this is quite technical and I'm in a very new capacity in this position, I would propose to pass the floor to my colleague, Mr. Marin, who will be able to respond on this point.
Giorgio Gori
Yes, thanks a lot. Indeed, as for the impact, as you know, there are a large number of key performance indicators which reflect the impact of the InvestEU in term of economic and also in term of greening and and digital capacity. The climate target, for example, has been overachieved, we are already at 50%. Now, in term of evaluation, you know, the regulation foresee a final evaluation at the at the latest by the by December 2031 to to the Parliament and to the Council. And this, I think, is the opportunity to to review more in depth the indeed the economic impact that, as you know, for a program like InvestEU, which takes some time to get to the ground, I think we would need some extra year after the investment period, which is ending in 2028, to to have such an independent evaluation.
So this is I think the point in time where we can actually draw a line. You know that the midterm evaluation was already looking at this aspect but only with the preliminary data. So the investment period ending, all the key performance indicators are already of course reported and then by 2031 at the very latest the Parliament will receive a full in-depth assessment including on the economic impact. Now as for the for the again for the for the issue of how we look at the risk and if the provisioning rate which is set in the regulation at 40% is is at stake, yeah, the budgetary authority receive yearly of course the latest in spring the so-called Article 41.5 report. This this of course give an indication of where we stand with the expected provisioning before and after the so-called diversification.
All the data that we have at the point available are there and the discussion indeed take place with the budgetary authority which can of course ask additional information about the methodology. Just to give you a recall of where we stand, yeah, the provisioning rate is indeed at stake with a very very very conservative risk assessment which is done with a confidence level at 95%. This is what we are actually using in in our modeling. We we based ourselves again very conservative and very strong model and and a very robust risk assessment framework which you know since we have under the the Commission appointed a new a new a new department led by the Chief Risk Officer, so-called CRO, are also under review in view of the next MFF. So I think that with this one I gave the information which.
Georgios Aftias
Dear colleagues, I will talk to Greek. Θέλω να εγγυηθείτε σήμερα επειδή μαθαίνω ότι η Τουρκία ενδιαφέρεται για το InvestEU, είναι τρίτη χώρα η οποία απειλεί την Ελλάδα, δηλαδή απειλεί και ευρωπαϊκή χώρα, αντιλαμβάνεστε τι εννοώ. Θέλω να εγγυηθείτε σήμερα ότι μόνο ευρωπαϊκές χώρες θα λαμβάνουν χρήματα από το InvestEU και όχι τρίτες χώρες οι οποίες κάθε τρεις ή πέντε μέρες απειλούν χώρα της Ευρωπαϊκής Ένωσης όπως είναι η πατρίδα μου. Ευχαριστώ θερμά.
Mireia Borrás Pabón
Sí, muchas gracias, señora Berger. InvestEU es una garantía con dinero público para que bancos e inversores financien proyectos que sin ese respaldo pues no saldrían adelante, ¿no? Usted dice que es una herramienta muy exitosa y ha puesto aquí en valor el enorme reconocimiento de esta herramienta, pero lo cierto es que al cierre del 2025 se habían aprobado 83.900 millones de euros pero solo se han desembolsado 13.600. De cada 100 euros básicamente 16. Anuncian además 19.700 millones para pymes, pero la pregunta importante de todos estos números es ¿cuánto dinero ha llegado realmente a las pequeñas y medianas empresas?
Además el 40% de las garantías se destinan a infraestructuras sujetas a objetivos climáticos, así lo dicen claramente en su informe. Así que yo le pregunto, ¿aquí se financian a los mejores proyectos o únicamente a los que obtienen el sello ideológico de la Comisión del Pacto Verde? Bruselas no puede seguir arruinando la competitividad europea.
Aurore Lalucq
Excuse me, we have, excuse me, excuse me, we have only two minutes left and there is also other catch-the-eye, so please go, I mean just like Mr. Afthad, he went straight to the point, if you could do the same, it would be much appreciated. Okay, so what is your question?
Aurore Lalucq
No, you're wasting some time because I mean the beginning of your question was not a question, so please, please ask your question. If you want me to do my, my speech, if you want, if you want to do it, if you want to do it, you do it. I mean, if you don't want to ask a question, then I will give the floor to other colleagues. Thank you. Can you allow me to continue?
Fernando Navarrete Rojas
Okay, thank you very much. Thank, thank, thank you, Chair. I want to go back to the additionality assessment and I've heard that technically that is expected to be fully run at 2031 if I heard properly. I'm sorry, I think we need something, I mean even if it's intermediate, it's not completely final, because now we are designing a new successor. So sorry, that information is really needed today.
The other is just an academic exercise, so please, if you can do something before that that can help us co-legislators, that would be extremely helpful. Second, lessons learned, because we need to draw lessons out of the experience from this instrument and EFSI as well. So how are you going to ensure that there is no gap between current instrument and future instrument in terms of time to market? Thank you.
Thank you, Fernando. M. Mesure.
Angéline Furet
Merci beaucoup, je vais parler en français. Madame la Directrice, je vous souhaite une bonne prise de fonction. Quand l'Union européenne impose ses normes, elle exige une transparence punitive à nos artisans et à nos agriculteurs, mais quand vos mégaprojets InvestEU s'effondrent, c'est soudainement l'opacité totale. Vos documents avouent que 196 millions d'euros d'argent public ont déjà été perdus pour éponger des faillites. Pourtant, la Commission nous interdit l'accès aux dossiers sous couvert de secret des affaires.
Assumez-vous de réclamer des milliards tout en refusant de rendre le moindre compte aux élus du peuple ? Plus grave encore, ce programme garantit 29 milliards d'euros, mais seulement 40% sont réellement provisionnés pour couvrir les pertes. J'ai donc deux questions simples : ce fonds sert-il à réindustrialiser l'Europe ou à maintenir sous perfusion idéologique des entreprises non viables ? Et le jour où une crise fera exploser ce fragile matelas de 40%, confirmez-vous que c'est le contribuable français qui paiera l'addition ? Je vous remercie.
Aurore Lalucq
Merci Madame Mesure, je vous rends la parole pour conclure très rapidement parce qu'on a déjà dépassé le temps. Je vous remercie.
Redner 8
Merci beaucoup Madame la Présidente. Sorry, I should move to English. Thank you very much, Madame President. So I will try to cover very quickly the different questions. On the funding that is granted to Member States and the question of potential third countries, as you know, Iceland and Norway are participating.
For the rest, you are asking for a guarantee, but looking at the future, we are still in a middle of the inter-institutional process. So it will be up to the co-legislators to take the final decision on this in the context of the forthcoming trilogues, of course. I can guarantee what is in the Commission proposal and then the Commission will try to facilitate the decision-making between the two branches of the legislative power.
We had a question on how much money has gone to the SMEs. We have for the SMEs around 25.6 billion euros that have been signed so far and 21.3 billion euros that have been proceeded for SMEs. Then on the question on the final evaluation of the program. So we have proceeded with the midterm evaluation in 2025. The impact assessment for the European Competitiveness Fund has been based on this midterm evaluation and the full complete final evaluation of the InvestEU program will be proceeded at the latest by 2031, but we will of course do our best to complete it as early as is technically possible.
And then last but not least on the question on the provisioning. In the context of InvestEU, we have gone for 40% provisioning, which allows us to cover some rather risky investments. In the context of the forthcoming ECF InvestEU program, we will rise, we have risen the proposal for provisioning to 50%. So this will increase our possibility to support what is actually needed, which is to support our SMEs, our startups, our scale-ups, particularly to make sure that we have innovative industry that is being developed, that we support the smallest but we also support those which are growing and we make sure that they stay in Europe because that is our common objective. Thank you very much, Madame la Présidente.
Aurore Lalucq
Thank you, thank you Ms. Bjerre, thank you to all of you and the next meeting will take place on Monday, October 19 in Strasbourg and thank you to my co-chair Mr. Van Overtveldt. Thank you so much. Merci beaucoup.
Okay, so dear colleagues, if you can go back to your seats and welcome to this first ECON committee meeting after the summer recess. I hope you're full of energy. We will start today's meeting with the adoption of the agenda. If there is no remarks, the agenda is adopted. Interpretation is available today in 12 languages.
The final summary of decision and recommendation taken at the coordinator meeting of July 15 has been made available on e-meeting and there is no objection. They are endorsed. So, I would like to welcome very warmly to this public hearing in ECON Mr. Carlo Comporti, currently Commissioner of CONSOB, the Italian supervisor. Today's hearing is organized in the context of the procedure for the appointment of Mr. Comporti as chairperson of the European Securities and Markets Authority, which is governed by Article 48.2 of the ESMA regulation. By letter of July 22, the Council informed the European Parliament of its intention to adopt a decision on the appointment of Mr. Carlo Comporti as chairperson of ESMA, subject to Parliament's confirmation.
This formal hearing in public session serves an important role in the context of the accountability of the ESMA to this Parliament. So, you know the rule. I will give the floor for an opening statement to Mr. Comporti for six minutes and then there will be a Q&A session, one minute and a half for the question, three minutes for the answer. So, Mr. Comporti, welcome and you have the floor for six minutes.
Carlo Comporti
Thank you so much, Madam Chair, dear members of the ECON committee. Thank you for the opportunity to appear before you today.
It is an honor to be considered for the role of Chair of ESMA at this important moment for European financial markets, and also a privilege to seek the leadership of an institution I helped to build. I spent my career at the heart of European financial regulation and supervision, from the ECB and the European Commission to CESR and ESMA, to hands-on supervisory work today as a CONSOB Commissioner and sitting in the boards of the Financial Stability Board and IOSCO. I know ESMA machinery, its people, its potential, as well as other European and international bodies. My vision for ESMA is articulated in five priorities. First, in the context of current rapidly changing market, technological dynamics, and expected legislative changes, transforming ESMA into a skilled, trusted, and agile supervisor.
Second, strengthening supervisory cooperation and convergence. Third, promoting efforts for simplification and burden reduction. Fourth, accompanying and managing financial innovation. And fifth, managing communications and external relations. This vision rests on three commitments: convergence, credibility, and contribution, and I will elaborate on all of these three.
First, convergence. Europe's capital markets remain too fragmented to finance our needs: the green and digital transitions, security and defense, the retirement savings of our citizens. The CMU will not be built by legislation alone. It requires supervisory convergence as a measurable discipline, not an aspiration. As Chair, I will ensure that all ESMA powers and tools are activated to achieve common outcomes, always respecting proportionality for SMEs.
Businesses have a legitimate expectation that the common rulebook is applied consistently across the Union, and investors must be confident they receive the same protection regardless of where their service provider is located. Where the co-legislators entrust ESMA with new direct supervisory mandates, I will guide that transformation and the implementation of the MiFIR package in strict adherence to cost-efficiency, transparency, clarity of roles and responsibilities, good governance, and accountability, fostering new forms of cooperation with national authorities, not competition nor overlap. Second is credibility. Credibility means rigorous evidence-based regulation. It means a genuine commitment to simplification and burden reduction with the broader objective of fostering competitiveness.
I'm convinced that stronger convergence will itself reduce unnecessary costs for authorities, for firms, and for investors, delivering substantive rather than formal protection. It means honesty about resources, requiring sustainable funding, rigorous attention to cost, and full accountability in the use of funds. And I will always be transparent with this Parliament about what ESMA can deliver and at what cost. And it means also respecting good internal governance. Third, contribution.
ESMA must contribute to Europe's strategic agenda. Technology is profound in transforming our markets, while the geopolitical environment raises the stakes of cyber risk. Having chaired ESMA Digital Finance Standing Committee, I'm ready from day one to accompany technological changes, making ESMA a center of expertise for technological development, strengthening its data and analytical capabilities to deliver common risk-based supervision.
ESMA must also remain vigilant on non-bank financial intermediation and keep sustainable finance workable. And in this new geopolitical context, ESMA must invest in its external relations within IOSCO and the Financial Stability Board, and bilaterally with key partners that are relevant for global capital markets, so that Europe's voice is heard.