Mr President, allow me also to welcome this very important initiative of the European Long-term Investment Funds and to express my faith that this investment vehicle for alternative investments is really suitable for the financing needs of Europe in growth assets, contrary to the Juncker plan which is more counter—cyclical in nature and overlooks the effects of deleveraging. We expect that there is potential to achieve a higher investment multiplier in the real economy, and also a more balanced view to include a higher focus on the supply. Maybe it would be more effective.

Among the asset classes, this fund tends towards finance. The most important areas are the private equity schemes and the SMEs, and at this point I think we need to consider as fast as possible the facilitation of these financing options and pay considerable attention to the portfolio allocation of these kinds of investment opportunities, not only by focusing on the scope of the SMEs, but also on the geographic factors, without bias in investment, and the legal structures of the European south.