The Council discussed a proposal for a regulation on a European fund for strategic investments (EFSI) which is expected to mobilise EUR 315 billion in private and public investment.
The EFSI is one of the core elements of the Commission's "investment plan for Europe", published in November 2014.
The presidency confirmed its intention for the Council to reach agreement in March 2015 in accordance with the scheduled timeframe which would allow for new investments as early as mid-2015.
The Council broadly supported the approach outlined by the presidency on certain key issues:
· review clause: the presidency proposes that a review take place after the first few years of operation, on the basis of an independent assessment, to determine whether the EFSI should be made a permanent instrument;
· redeployment of EU funds to finance the EFSI: the presidency proposes that no change be made to the Commission's proposal on this point;
· governance structure: delegations supported a lean governance structure ensuring an independent decision-making process.
The presidency confirmed its objective for the Council to reach agreement in March 2015. In the light of the remarks made by the Ministers, a draft proposal will be presented.