Sven Giegold
Mitglied der Grünen/EFA-Fraktion im Europaparlament

Sprecher Europagruppe Grüne
„Kommt, wir bauen das neue Europa!“

Commission proposal on European social entrepreneurship funds: a milestone for the recognition of the social and solidarity economy

The European Commission today adopted a proposal on social entrepreneurship funds.

Commenting on the proposal, Green financial spokesperson and shadow rapporteur on this legislative file Sven Giegold said:

“With this proposal Commissioner Barnier lays the foundations for the recognition and promotion of the social and solidarity economy.  Currently, at least 7% of all jobs in the EU, neither work in the public, nor in the profit oriented private sector. Social businesses are companies that have a positive social impact and address common good oriented objectives as their corporate aim.

Social investment funds can contribute to overcome the permanent shortage of capital which entrepreneurs and initiatives of this sector face permanently. We welcome the strict criteria brought forward by the Commission proposal. Only businesses, which commit their profit to fulfil their social objectives should have access to these funds.

The fact that only institutional investors and wealthy people are eligible to invest in the fund is a serious shortcomming of the proposal. Especially, since ordinary people also regard investment in this sector as a practical way to support the social and solidarity economy. Therefore, the proposal should be less restrictive in this regards. Furthermore, it should be made clear that the definition of social objectives also includes ecological and common good aim.

We Greens will work hard in order to achieve a quick adoption of this important proposal.”