10th March 2014: This afternoon at the European Parliament in Strasbourg, Andrew Brons made the following contribution, under the Catch the Eye procedure, to a debate on the 2012 Annual Report of the European Investment Bank.
"The existence of the EIB is supposedly justified on the ground of a perceived need. ECON bemoans the fact that there is a lack of sustainable and viable projects that are eligible for EIB funding. EIB criteria did not seem to match investment need.
"There is certainly a need for investment in infrastructure projects in member states. However, investment can be carried out more cheaply and more efficiently by those member states creating the credit necessary themselves, rather than relying on borrowing from external institutions and adding to sovereign debt.
"The principle of, 'what is physically possible must be financially possible,' should be followed.
"President Obama, no less - when introducing the American Jobs Bill - said that if there is a bridge in Maine in need of repair and there are construction workers unemployed, then there is undoubtedly a contradiction.
"However, the resolution of that contradiction seems to have eluded him."