Communication: Delivering the Single Market agenda for jobs, growth and investment

Strengthening Europe's economy and stimulating investment to create jobs and growth remains the Commission's top priority. According to the Spring forecasts, growth in Europe is holding up despite a more difficult global environment. Employment levels are increasing, albeit still too slowly, and the general government deficit continues to decline. The conditions for investment to pick up have further improved. While these are encouraging signs, efforts need to continue to make the most of the virtuous triangle of structural reform, responsible fiscal policies and investment.

Innovation fosters competitiveness, productivity and job creation and is hence an essential force for fuelling the European growth engine. For innovation to occur, firms and entrepreneurs need the incentive and ability to invest. They need the right talent pool and an expectation that they will be able to expand and sell their products and services in a large market without facing different regulatory requirements in each Member State. We therefore need to keep a strong focus on advancing the Single Market to support sustainable jobs and growth and making Europe a more competitive and attractive place for investments.

This requires a better interaction between the EU and the national and regional dimension to remove barriers to investment and pursue structural reform. The Country Specific Recommendations have identified the most urgent priorities for action at national level to keep on the path to reform. At the same time, certain barriers have a strong cross-border element and require action at EU level. Following up on the European Council Conclusions of 17-18 March 2016, this Communication takes stock of the implementation of the Single Market agenda, highlighting those areas where strategic political decisions are urgently needed to strengthen and accelerate the necessary reforms.

The Investment Plan for Europe set in place concerted action to stimulate financing for investment, removing barriers, increasing innovation and deepening the Single Market. The European Fund for Strategic Investment (EFSI) is transforming how Europe supports investments. More funding is starting to go to innovation and infrastructure projects, as well as to local projects carried out by small companies that create the bulk of new jobs. The first EFSI results are encouraging. Total investments generated by EFSI so far amount to €100 billion. More than 140,000 SMEs and mid-caps are expected to benefit from enhanced access to European Investment Fund finance. Projects in 26 Member States are already supported with more to come. To build on these achievements, the Commission aims to extend the EFSI beyond 2018, as announced in the Communication Europe investing again – taking stock of the Investment Plan for Europe, to continue supporting projects for jobs and growth that would not have happened without the EFSI.

• Primary Source

ESO: Background information: Investment Plan for Europe: European Fund for Strategic Investments to be extended following successful first year http://www.europeansources.info/record/investment-plan-for-europe-european-fund-for-strategic-investments-to-be-extended-following-successful-first-year/

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