The EU Council on March 1, 2012  decided that  ” …..given the need to stimulate the private financing of key infrastructure projects, work on the pilot phase of the Europe 2020 project bond initiative should be stepped up with a view to reaching agreement by June”.

The Commission had put forward a proposal on a pilot project on project bonds to finance large energy, ICT and transport  infrastructure projects in the EU budget, using some money from the structural funds that would be leveraged through the European Investment Bank (EIB), involving  the private sector  through public-private partnerships, he said.

Commission president Barosso said on the eve of the EU summit:  ”There is capital. But private capital needs confidence,” he said. “And we believe that there are very good projects in Europe in energy, transport and in the digital field.”