Today, PIIGSty launches a new explanatory series ‘YEUr Tidbits’ which will seek (in true PIIGSty style) to simplify EU initiatives you may not have heard of. Where possible, we’ll link to official explanations, links to videos or articles. We begin with the ‘Connecting Europe Facility.’
The Connecting Europe Facility (Click for video)
Below in the audio transcript.
Europe and its citizens are linked by a web of transport, energy and telecommunications networks. Its dense, but its not complete. Gas and oil pipelines, electricity grids, railways to ports to airports and roadways are still not sufficiently connected. Nor is access to widespread access to broadband a reality. And Europe needs it all, if its to grow. Proposed by the European Commission in 2011, the CEF is a €50bn initiative to get Europe working better.
Without this kind of investment, it will not be possible to have these links. This investment will generate growth and jobs and at the same time, make work and travel easier for millions of European citizens and also for businesses.
- Lets look at energy (€9.1bn). Around the North Sea, Europe already has the worlds largest offshore wind farms and Southern Europe has world class solar powered stations but how do we get electricity to the Worlds largest plane maker? Along one of 11 energy corridors that will cover the entire EU. And gas corridors with compressors will allow gas flows in both directions when gas supplies are disrupted. Keeping all Europe supplied, all the time.
- In transport (€31.7bn) where we want to focus most of the investment, we need to make better links across borders and we need to make the most of different modes of transport. This means infrastructure investment in road, in rail and in remoter regions. Freight and passenger corridors will link Europe from the far north to Valletta and from Portugal’s Atlantic coast to France. And bottlenecks will be removed from road and rail hubs.
- And in telecommunications (€9.2bn) high speed broadband needs to be the norm for businesses and citizens alike – not just a luxury in super fast cities. Targeted investment stimulated through the EU budget is the way to join up Europe’s missing link. Project bonds are a way or making the most of public money by involving the European Investment Bank (EIB) and encouraging private sector investment. Europe needs to complete it connection well – and it can do it.
The CEF – connecting to grow.