Schulz: 'Investing is about building bridges to a successful future'

Martin Schulz called on government leaders to back the €315 billion investment plan for the EU and help plug the investment gap with the US and China. Speaking at the opening of the EU summit in Brussels, the European Parliament President said: “The Investment Plan is a strong signal that we are committed to a new path for Europe towards growth and jobs. And it is of the utmost importance that you clearly commit yourself to its success too.”

The investment plan to boost growth, jobs and competitiveness was launched in the European Parliament on 26 November. Schulz pointed out that investment had dropped by about €430 billion since its 2007 peak and that Europe was lagging behind the US and China: “They are outspending us today to outcompete us tomorrow.”
The president said investment was needed to create work for Europe’s 25 million unemployed and that if we want Europe to be an economic champion in the future we have to start investing now: “Because investing is about building bridges to a successful future.”

Schulz also welcomed that the European Commission is working on a proposal to establish full transparency on tax rulings and said the Parliament was working on a report with proposals to improve transparency and convergence on corporate taxation. “The practices of profit shifting and tax rulings may be legal, but they are not morally acceptable.” He also called for the Financial Transaction Tax to be implemented soon: “Making it a reality would be a strong signal that Europe is built on fairness.”
Schulz also said the EU was at risk of running up a structural deficit because of the growing gap between commitments made and the payment appropriations that are actually available: “With one hand you commission programmes and the other hand you take away the money for the same programmes. This must go wrong.”

Referring to the continuing crisis in Ukraine, he called for keeping the door open for a constructive dialogue with Russia and said a serious rethink was needed of our Eastern Partnership strategy to make it more differentiated, flexible and effective.