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Previous rounds of talks have resulted in significant progress on such important issues as the lifetime of the EFSI, governance of the fund, use of the EU guarantee, the control mechanism and accountability. These, together with the concept of the additionality of EFSI investments, i.e. riskier investments that could not have been undertaken in Europe without the EU guarantee, represent the backbone of the EFSI.
It is now time to lock these advances in a solid deal on financing the EU guarantee fund, so as to provide full certainty and credibility for the EFSI. There is no other alternative to making the EFSI a successful instrument for the better use of public money – money that EU taxpayers contribute to the EU budget. The Council has always argued strongly that the EU guarantee fund should have well-identified sources of financing in line with the Commission's proposal endorsed by the Council on 10 March. The Presidency is continuing its negotiations with the European Parliament in this spirit to find a solution that respects this important pre-condition for the functioning of the EFSI.
