European parliament has today voted overwhelmingly in favour of a bill enabling the creation of a new fund for social entrepreneurship (EuSEF), as well as introducing Europe-wide regulation of venture capital.
The changes to the law regarding the creation of the new fund will take immediate effect, creating a brand new kind of European investment fund for the social economy.
Commissioner Barnier has welcomed the vote, saying“These new EU initiatives will increase opportunities for innovative start-ups or social businesses to find capital.
“Better funding for smaller companies is key for Europe’s economy and it is now up to enterprising fund managers to seize the new opportunities as a matter of urgency”.
Sven Giegold, German Green MEP and vice-president of the Intergroup for Social Economy, has hailed today’s decision as a great success:
“The EuSEF legislation has for the first time created a fund that lays the foundations for the strengthening of the social economy. A social economy is the right response to one of the key problems that has pushed us into the current crisis: the short-term pursuit of profit.”
Giegold further predicts that the amendments will lead to positive outcomes in areas such as social housing, and will unlock potential for improved fair-trade agreements with developing countries.
Balance of Competences Review for DFID describes the potential of the impact economy’s place in policy, as well as discussing how best to access civil society’s views on how the effect of parallel competences is experienced ‘on the ground’. Impact assessment is cited as a pivotal issue, and transparency, effectiveness, efficiency and value for money as key principles.