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Evaluation and Review By 30 June 2018 and every three years thereafter: the EIB shall publish a comprehensive report on the functioning of the EFSI, which shall include an evaluation of the impact of the EFSI on investment in the Union, employment creation and access to financing for SMEs and mid-cap companies; the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund. Both before the tabling of any new proposal in the framework of the multiannual financial framework starting in 2021 and at the end of the investment period, the Commission shall submit to the European Parliament and to the Council a report containing an independent evaluation of the application of this Regulation, which shall include: an assessment of the functioning of the EFSI, the use of the EU guarantee and the functioning of the EIAH; an assessment of whether the EFSI consists of a good use of resources of the general budget of the Union, mobilises a sufficient level of private capital, and crowds-in private investment; an assessment of whether maintaining a scheme for supporting investment is useful from a macroeconomic point of view;

at the end of the investment period, an assessment of the application of the procedure referred to in Article 4(2)(a)(v).