Six years after the outbreak of the global recession followed by a serious financial and debt crisis, the EU is coming slowly back on track. The key element in renewing growth is investment activity. Commission President Juncker’s intention to build an investment package that will generate over €300bn to boost EU investment activity in the European Union in the coming three years therefore comes at the right moment. As the main elements of the Commission investment plan have been published, it is the right time to strengthen the debate on the final shape of the proposal so that the package is truly effective and bears fruit in all Member States.

For our part, the Czech Republic fully supports the thematic priorities to be supported by the investment package, such as transport, energy union or digital economy. Those are in line with the Czech investment preferences and will undoubtedly be shared across the EU. So far so good as regards ownership of the package – which will be essential if we want to make it a success.

Speaking of ownership, however, the more intricate considerations come into play with regard to the structure, financing and context of the package. With investment resources still scarce in many member states, we need to prevent competition between the different EU investment tools and funds. We should strive for synergies, multiplications and complementarity. This is why the Czech Republic considers the initiative to be a great opportunity for adding the necessary patches to the existing EU investment instruments to make the best use of them.

What is of particular importance for the Czech Republic is that the package should not in any way outshadow the Cohesion Policy and the European Structural and Investment Funds in general. If the investment package remains flexible enough as to complement the existing tools, we are on the right track. If the investment plan starts competing or outsourcing the European Structural and Investment Funds we not only risk damaging ownership and credibility. The real danger is that this would lead to making investments in less affluent or cohesion Member States less feasible which would in turn lead to increasing the regional and social disparities – contrary to the spirit upon which the EU is built.

The complementarity of the package with European Structural and Investment Funds represents for cohesion Member States a specific opportunity. Both tools should be used fully, which includes making sure no funds in the 2007-2013 programming period are lost or left behind so that we effectively mobilize all finances available for investment.

The Czech Republic as a Member State committed both to effective cohesion policy and to adherence to fiscal rules could hardly afford to increase significantly the national co-financing of the already agreed funds. It would also be extremely difficult for us to redirect or reshape the instruments we use and are about to use in the 2014-2020 programming period or slow down the agreement on the operational programs currently being discussed. Therefore, we expect that the package will leave enough room for flexibility and – as discussed within the investment task force – that it will remove the barriers to investment, including administrative and legislative obstacles that prevent us from using all the investment resources efficiently. This also concerns thematic issues – we should make sure the link between the money and the project leads to tangible results that correspond to real needs of each of the Member States.

The key to success will be the way the package streamlines public and private investment. As to public resources, we welcome the fact that there will be incentives for Member States to contribute to the overall capacity and effect of the package and that this remains a voluntary option. The package should maintain this flexibility and should not develop into a rigid machine. We also welcome the fact that it is clearly stated that the package should in no way compromise the existing rules and we are glad that the package will not create double standards in the application of EU fiscal rules.

Finally, we are eager to discuss in depth the governance of the package. It should be effective, fair and transparent. It should be conducive to ownership and build to a maximum extent possible on the existing structures and formats.

Renewing investment activity in the EU is a goal that we fully share. We wish President Juncker’s initiative the best success and are happy to be part of the debate on an adequate content and design of the resulting package. The easiest way to get to the finish line at the December European Council is not to waste time and energy on vague concepts, on creating new rules or new forms of investments. Introducing substantial changes to the current legislative framework would only mean a lengthy and complex process producing instability and unpredictability. Let us rather focus on what we have at hand, the tools and instruments that can be used fully and effectively. Let us build on our experience with the tools which have proven useful. And let us look for space for flexibility and simple application of the existing rules to make sure none of the available investment sources goes waste.

• Tomáš Prouza, Secretary of State for EU Affairs, Czech Republic
• Published in European Voice on December 10 2014