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European Investment Bank helps export jobs not create them - Marta Andreasen MEP
Date 06/05/2010 12:09  Author webmaster  Hits 2737  Language Global

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The European Investment Bank (EIB) does not create jobs, but exports jobs and imports unemployment, UKIP MEP Marta Andreasen told Euro-Parliamentarians in Brussels today.

Speaking during the debate on the European Investment Bank's 'Annual Report 2008', Ms Andreasen said she was struck by how projects financed by the EIB involve mostly large companies and few SMEs (small and medium sized enterprises).

"Do companies such as General Motors, Electrolux and Arcelor Mittal really need to use the EIB except for the soft terms they offer?" Ms Andreasen asked.

"And what have such loans done for the European economy? Have they created jobs? No. They have exported jobs, sometimes to cheaper European countries, and sometimes outside the EU altogether."



Citing Electrolux an example of the EIBs success, she pointed out that they were "lent €250m for a 'Capacity Enhancement', they built new factories in Poland, Romania and Hungary. As soon as they were completed, they transferred production there from the UK, with the loss of almost 2,000 jobs in Spennymoor, England."

Ms Andreasen added: "I think we can all agree that the EIB plays a very important role in the economy of Europe, particularly on the balance of trade. It exports our jobs, and imports unemployment."

Full transcript

When I look at the projects EIB finances, I am struck by how many involve large companies and how few involve the SMEs they are supposed to help.

Do companies such as General Motors, Electrolux and Arcelor Mittal really need to use the EIB except for the soft terms they offer?

And what have such loans done for the European economy? Have they created jobs? No. They have exported jobs, sometimes to cheaper European countries, and sometimes outside the EU altogether.

Electrolux is an example of the EIBs success. Lent €250m for a 'Capacity Enhancement', they built new factories in Poland, Romania and Hungary. As soon as they were completed, they transferred production there from the UK, with the loss of almost 2,000 jobs in Spennymoor, England.

So, I think we can all agree that the EIB plays a very important role in the economy of Europe, particularly on the balance of trade: it exports our jobs, and imports unemployment.

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