Vice-President Valdis Dombrovskis, responsiblefor the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said: “Promoting long-term and green finance is one of the priorities of the Capital Markets Union Action Plan.

15. Considers that in order to develop joint EIB/EU financial instruments an appropriate framework should be put in place in a timely manner to monitor the EIB’s activities and to increase its democratic accountability by involving Parliament and the Council; this framework should allow the EIB to continue to assess projects on their own merits, in order to ensure the long-term sustainable use of EIB capital resources, and should address the need to avoid excessive administrative burdens for managing entities, financial intermediaries and final beneficiaries;

The CMU is a medium-term project but with some important early initiatives: The Commission is today unveiling a first set of measures to relaunch high-quality securitisation, and to promote long-term investment in infrastructure.

25. Welcomes the adoption of the European Long-Term Investment Funds (ELTIF) Regulation; considers that ELTIFs could replicate the progress made with UCITS, by encouraging greater allocation of capital to long-term projects in need of funding such as in the infrastructure and energy sectors, in particular at cross-border level; calls on the Commission to investigate how, in the long-term, extraordinary investment programmes such as the European Fund for Strategic Investments (EFSI) could be effectively connected with regular EU funds; considers that institutional investors should be invited to contribute funds under their ...[+++]management to the European capital markets; believes that institutional investors and the conditions under which they can enter the market need to play an important role in the development of the CMU;

The smooth functioning of the internal market for long-term investments requires the Commission to continue its assessment of potential barriers that might stand in the way of raising long-term capital across borders, including barriers that arise from the fiscal treatment of such investments.

European long-term investment funds (ELTIFs) provide finance of lasting duration to various infrastructure projects, unlisted companies, or listed small and medium-sized enterprises (SMEs) that issue equity or debt instruments for which there is no readily identifiable buyer.