At its last meeting in 2014 the EU Council called for a European Fund for Strategic investment – aimed at mobilising EUR 315 billion — to be set up by June, giving a green light to European Investment Bank to start working on its part as early as of January. Having found the situation in Ukraine “dramatic and dynamic ” the EU leaders sent a strong signal of their readiness to send a financial support to Kiev.
“Presently, injecting public and private money in strategic projects is the best thing to speed up Europe’s economic recovery. The European Council called for a European Fund for Strategic Investment to be set up urgently,” the President Donald Tusk said after the meeting.
“We want to foster a better investment climate in Europe,” he said.
The EU leaders agreed to continue ensuring sound public finances, to push for structural reforms and to deliver on plans for an energy union, trade, better regulation and for the digital economy, but the focus was on investment.
“The aim of Jean-Claude Juncker – the author of this plan – is to mobilise 315 billion euro between 2015 and 2017. To achieve this, leaders want the Fund to be in place by next June. Also the European Investment Bank got the green light to start doing its own part from January on,” Tusk said.
According to the EU Council President, the leaders did not discuss any geographical or sectorial distribution.
“It is for private investors to back the most promising projects. The European Council will monitor all this in the months ahead,” he said.
Talking about the situation at EU’s eastern borders, Tusk said the EU leaders “had a first discussion on the strategic challenge posed by Russia.”
“The situation in Ukraine remains dramatic and dynamic, and requires an immediate response. That’s why we have just discussed giving financial support to Ukraine. We are sending a strong signal on our readiness to do so,” Tusk said.
“We also talked about Russia’s policy towards its neighbours and our strategic response. Leaders shared their analysis of the situation, which is the basis for a common understanding of the challenge ahead. We will come back to this next March,” he added.
“It is obvious that we will not find a long-perspective solution for Ukraine without an adequate, consistent and a united European strategy towards Russia,” Tusk said, adding that “a modern, safe and independent Ukraine is the most important element of this strategy.”
The EU Counci’s conclusions
