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One year after President Juncker announced the proposal in his State of the Union speech, the European Parliament and Member States have come to an agreement in principle on the extension and strengthening of the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe. The agreement reached on 13 September extends the EFSI's duration to 2020 and increases the target of investment to be triggered from EUR 315 billion to at least half a trillion euros by 2020.

“The wind is back in Europe's sails. But we will go nowhere unless we catch that wind. (…) We should chart the direction for the future. As Mark Twain wrote, years from now we will be more disappointed by the things we did not do, than by the ones we did. Now is the time to build a more united, stronger and more democratic Europe for 2025.”

European Commission President Jean-Claude Juncker delivered his 2017 State of the Union Address, before the Members of the European Parliament in Strasbourg on 13 September.

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June 2017: Economic Sentiment increases markedly in both the euro area and the EU

The latest video in the European Economy Explained series, "Financial Instruments: Smart Money", shows how the EU is maximising the value of EU taxpayers’ funds by putting them to work as loans or to provide guarantees, as well as by investing through special funds setup with financial institutions, including the European Investment Bank, local lenders and private investors.

Euro area annual inflation is expected to be 1.3% in June 2017, down from 1.4% in May 2017, according to a flash estimate from Eurostat, the EU statistical office.

The Fourth Anti-Money Laundering Directive entered into force on 26 June. The new directive strengthens the existing rules and will make the fight against money laundering and terrorism financing more effective.

On 30 June, the European Investment Bank (EIB) granted a EUR 29 million loan to Sonorgás that will help the company expand its natural gas distribution networks to new areas in northern Portugal.

In June 2017, the DG ECFIN flash estimate of the consumer confidence indicator increased markedly in both the euro area (+2.0 points to -1.3) and the EU (+1.1 points to -2.2).

Staff from the European Commission and from the European Central Bank visited Portugal from 26 June to 4 July to conduct the sixth post-programme surveillance mission.

“It is time we give the EU budget a makeover. Let's make it simpler, more flexible and let's reflect, with ambition and imagination, on how we can make it a powerful tool that will help us grow faster, ever closer, and leave no one behind in this globalised economy.”

The Commission has published a reflection paper that examines the future of EU finances in an environment where the EU budget must fund more with less.

The European Investment Project Portal (EIPP): using the portal is now easier than ever.

Euro area annual inflation was 1.4% in May 2017, down from 1.9% in April. In May 2016 the rate was -0.1%.

Seasonally adjusted GDP rose by 0.6% in both the euro area and the EU during the first quarter of 2017, compared with the previous quarter, according to an estimate published on 8 June by Eurostat, the EU statistical office.

The European Commission has proposed tough new transparency rules for intermediaries – such as tax advisors, accountants, banks and lawyers – who design and promote tax planning schemes for their clients. Recent media leaks such as the Panama Papers have exposed how some intermediaries actively assist companies and individuals to escape taxation, usually through complex cross-border schemes.

The European Investment Bank (EIB) has provided a EUR 75 million loan to Bank Ochrony Środowiska (Bank for Environmental Protection, BOŚ) to support small and medium-scale investments carried out by SMEs, mid-caps and public sector entities in Poland.

To encourage even greater use of the European Investment Project Portal (EIPP), the Commission announced on 20 June that it has lowered the minimum project size to EUR 1 million.

Meeting on 16 June, the Economic and Financial Affairs Council agreed upon its stance regarding part of a package of proposals aimed at reducing risk in the banking industry.