LERU and its partner organisations in the ERA Platform (CESAER, EARTO, EUA, Science Europe) publicly and jointly oppose the proposals of the European Commission to divert 2,7 billion euro from the Horizon 2020 budget to the European Fund for Strategic Investments (EFSI). The ERA stakeholders express their great concern on the EFSI regulation, which entails a Horizon 2020 budget cut while offering little reassurance that the projects to be funded will effectively aim at supporting R&I activities, and call on the European Parliament and the Council to amend the regulation as suggested in the joint statement.