BETA


2008/2155(INI) EIB and EBRD annual reports for 2007

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON MITCHELL Gay (icon: PPE-DE PPE-DE)
Committee Opinion CONT STAUNER Gabriele (icon: PPE-DE PPE-DE)
Lead committee dossier:
Legal Basis:
RoP 54, RoP 54-p4

Events

2009/06/04
   EC - Commission response to text adopted in plenary
Documents
2009/03/25
   EP - Results of vote in Parliament
2009/03/25
   EP - Decision by Parliament
Details

The European Parliament adopted by 518 votes to 34, with 18 abstentions, a resolution on the 2007 Annual Reports of the European Investment Bank and the European Bank for Reconstruction and Development.

(1) The objectives and operations of the EIB : MEPs welcome the 2007 Annual Report of the EIB, notably as regards its financing operations focusing on six policy priorities: (i) ensuring economic and social cohesion; (ii) implementing the Innovation 2010 initiative; (iii) developing trans-European transport and access networks; (iv) supporting small and medium-sized enterprises; (v) protecting and improving the environment; and (vi) ensuring sustainable, competitive and secure energy, and also as regards the implementation of the EIB's external lending mandate in third countries.

The Parliament welcomes the EIB's objective to address, inter alia, the climate change challenge and recalls, in this context, that there is a need to develop further environmentally friendly funding criteria. The EIB is called upon to focus its energy lending on energy efficiency, renewable energy and research and development investments to those two areas. Moreover, the Parliament calls on the EIB to establish and make public a methodology to assess the climate impact of the financed projects and to make public a set of appraisal criteria enabling the EIB to refuse projects for their negative impact on climate change.

MEPs believe that EIB lending activity must be: (i) consistent, within its areas of competence, between countries; (ii) simple in its approach between various EU actors and instruments; (iii) flexible in terms of how the European Union is able to respond to widely differing circumstances in different countries; (iv) coherent with the achievement of the Millennium Goals; and (v) accountable both publicly and to Parliament for the use and efficiency of EU-sourced funds spent.

The resolution stresses that the EIB has the potential to be a key player in environmentally transforming European transport . It urges the EIB, therefore, to increase substantially its support for rail, urban public transport, inter-modal transport, and transport management. Moreover, the EIB is called upon to better monitor and to make transparent the nature and final destination of its global loans in support of SMEs.

Recalling that the EIB is not subject to traditional prudential supervision, MEPs call on the Commission and Member States to explore possibilities of a broader revision of the arrangements for supervision of the EIB's financial operations , which could be executed by a future European prudential supervisory system.

Moreover, the EIB is called upon to pursue a zero-tolerance policy towards fraud and corruption . In this context, MEPs call on the EIB to include measures aimed at: (i) an administrative debarment mechanism for companies found guilty of corruption by the EIB and other multilateral development banks; (ii) a whistleblower protection policy; (iii) a reinforcement of its investigative function and an enhancement of the preventive and detective role of that function.

Lastly, in the light of the current financial and economic crisis, the Parliament calls for the EIB to be subject to the same prudential rules as credit establishments and to real prudential control.

(2) The objectives and operations of EBRD : MEPs welcome the 2007 Annual Report of the EBRD, notably with regard to the fact that EBRD investment activities were focused on countries at an early or intermediate stage of transition. They also welcome its progress in financing projects under its Sustainable Energy initiative.

The resolution notes that the EBRD primarily operates in third countries, but that some operations continue also to remain important in Member States. Recognising that the operating environment is becoming increasingly challenging and integrity concerns tend to become more frequent, MEPs consider that the EBRD has to strengthen its technical assistance and consultancy activities to promote good governance standards and ensure adequate management of the projects at local level in the EU neighbourhood countries.

(3) Cooperation between the EIB and the EBRD : the resolution notes that the EIB and the EBRD are increasingly financing operations in the same geographical regions outside the European Union, such as in Eastern Europe, Southern Caucasus, Russia, the Western Balkans, and, in the near future, also in Turkey.

The Parliament considers that the activities of the EIB and the EBRD in the countries of common operation should not compete, but should, rather, be complementary. It therefore recommends better structured cooperation between the EIB and the EBRD in countries of common operation. MEPs recommends, inter alia, that the EIB specialise more in the financing of larger- scale private and public infrastructures and projects, and that the EBRD specialise more in smaller-scale investments, institution building, privatisation, trade facilitation, financial markets, and direct equity investments, in order to promote corporate governance standards.

In a longer term perspective, the resolution recommends that the shareholders of the EIB consider an increase of the EIB' ownership of the EBRD, for instance in the context of a capital increase or, if a shareholder of the EBRD is considering a withdrawal, of its ownership in the bank.

MEPs also recognise that the EIB and the EBRD need to work together with other international or regional financial institutions, such as the World Bank, the Asian Development Bank, and the African Development Bank, in order to make greater effects in regions further away from the European Union and to avoid unwanted overlaps and duplications in funding activities.

(4) The global financial turmoil and implications : the Parliament stresses the important role which the European Economic Recovery Plan has assigned to the EIB, especially with regard to the enhanced financing for SMEs, energy from renewable sources, and clean transport. Nevertheless, it urges Member States to further increase the EIB capital in such a way as to ensure that its lending capacity matches the mid-term financial needs for industries and business where necessary to support green and sustainable jobs . In this context, the EIB and the Commission should accelerate the implementation of projects in the Member States as well as in the sectors which are most severely affected by the crisis. In this respect, it is important to mobilise the expertise of the technical assistance programmes like Jaspers, Jeremie, Jessica and Jasmine, in order to speed up the distribution of structural aid.

MEPs call on the Member States to fully exploit the instruments of venture capital, global loans, and micro credit facilities offered by the EIB programs and facilities. They also call on the Commission and the EIB to investigate jointly how the credit crunch in the real economy can be overcome with the help of new innovative financial instruments .

The resolution stresses that, in the current period of tight credit conditions, the role of the two banks is highlighted both inside and outside the European Union. In this context, MEPs call on both banks to keep their commitments with regard to third countries even in economic difficult times. They also propose that, after carefully studying the effects of the financial crisis on the real economy, the EIB should be invited to enhance its support to the new Member States, while stressing the importance of involving the private sector in re-stabilising these economies.

(5) The ruling of the Court of Justice on the external mandate of the EIB : MEPs welcome the Court of Justice's judgment of 6 November 2008 on the legal basis of Decision 2006/1016/EC and consider that it is vital to adopt a decision replacing Decision 2006/1016/EC in accordance with the judgment of the Court of Justice. They recommend rapid agreement between Parliament, the Council and the Commission following the ruling of that judgment, with the aim of guaranteeing that Parliament's prerogatives are fully respected on the one hand, and the continuity of the external financial operations of the EIB on the other.

The resolution stresses that this rapid agreement serves as a temporary solution with a precise end-date, until the-mid term review in 2010. MEPs recommend that the Steering Committee finalise its work in early 2010 and request that the Steering Committee inform Parliament regularly of its progress.

Documents
2009/03/25
   EP - End of procedure in Parliament
2009/03/24
   EP - Debate in Parliament
2009/03/16
   EP - Committee report tabled for plenary, single reading
Documents
2009/03/16
   EP - Committee report tabled for plenary
Documents
2009/03/09
   EP - Vote in committee
Details

The Committee on Economic and Monetary Affairs adopted the own-initiative report drawn up by Gay MITCHELL (EPP-ED, IE) on the 2007 Annual Reports of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).

(1) The objectives and operations of the EIB : MEPs welcome the 2007 Annual Report of the EIB, notably as regards its financing operations focusing on six policy priorities : (i) ensuring economic and social cohesion; (ii) implementing the Innovation 2010 initiative; (iii) developing trans-European transport and access networks; (iv) supporting small and medium-sized enterprises; (v) protecting and improving the environment; and (vi) ensuring sustainable, competitive and secure energy, and also as regards the implementation of the EIB's external lending mandate in third countries.

MEPs consider that EIB lending activity must be consistent, in its areas of competence, between countries, that the EIB must show flexibility in terms of how the European Union is able to respond to widely differing circumstances in different countries and that its operations must be consistent with the achievement of the Millennium Goals . They believe that the EIB must be accountable both publicly and to Parliament for the use and efficiency of EU-sourced funds spent.

Recalling that the EIB is not subject to traditional prudential supervision, MEPs call on the Commission and Member States to explore possibilities of a broader revision of the arrangements for supervision of the EIB's financial operations, which could be executed by a future European prudential supervisory system.

Moreover, the EIB is called upon to pursue a zero-tolerance policy towards fraud and corruption . In this context, MEPs call on the EIB to include measures aimed at: (i) an administrative debarment mechanism for companies found guilty of corruption by the EIB and other multilateral development banks; (ii) a whistleblower protection policy; (iii) a reinforcement of its investigative function and an enhancement of the preventive and detective role of that function.

Lastly, MEPs note the favourable opinion of the external audit and the conclusions of the annual report of the Audit Committee. In the light of the current financial and economic crisis, they call for the EIB to be subject to the same prudential rules as credit establishments and to real prudential control.

(2) The objectives and operations of EBRD : MEPs welcome the 2007 Annual Report of the EBRD, notably with regard to the fact that EBRD investment activities were focused on countries at an early or intermediate stage of transition. They also welcome its progress in financing projects under its Sustainable Energy initiative.

The report notes that the EBRD primarily operates in third countries, but that some operations continue also to remain important in Member States. Recognising that the operating environment is becoming increasingly challenging and integrity concerns tend to become more frequent, MEPs consider that the EBRD has to strengthen its technical assistance and consultancy activities to promote good governance standards and ensure adequate management of the projects at local level in the EU neighbourhood countries.

(3) Cooperation between the EIB and the EBRD : the report notes that the EIB and the EBRD are increasingly financing operations in the same geographical regions outside the European Union, such as in Eastern Europe, Southern Caucasus, Russia, the Western Balkans, and, in the near future, also in Turkey.

MEPs consider that the activities of the EIB and the EBRD in the countries of common operation should not compete, but should, rather, be complementary. They therefore recommend better structured cooperation between the EIB and the EBRD in countries of common operation.

In a longer term perspective, the report recommends that the shareholders of the EIB consider an increase of the EIB' ownership of the EBRD, for instance in the context of a capital increase or, if a shareholder of the EBRD is considering a withdrawal, of its ownership in the bank.

MEPs also recognise that the EIB and the EBRD need to work together with other international or regional financial institutions, such as the World Bank, the Asian Development Bank, and the African Development Bank, in order to make greater effects in regions further away from the European Union and to avoid unwanted overlaps and duplications in funding activities.

(4) The global financial turmoil and implications : the report stresses the important role which the European Economic Recovery Plan has assigned to the EIB, especially with regard to the enhanced financing for SMEs, energy from renewable sources, and clean transport. In this context, the EIB and the Commission should accelerate the implementation of projects in the Member States as well as in the sectors which are most severely affected by the crisis. In this respect, it is important to mobilise the expertise of the technical assistance programmes like Jaspers, Jeremie, Jessica and Jasmine, in order to speed up the distribution of structural aid.

MEPs call on the Member States to fully exploit the instruments of venture capital, global loans, and micro credit facilities offered by the EIB programs and facilities. They also call on the Commission and the EIB to investigate jointly how the credit crunch in the real economy can be overcome with the help of new innovative financial instruments .

The report stresses that, in the current period of tight credit conditions, the role of the two banks is highlighted both inside and outside the European Union. In this context, MEPs call on both banks to keep their commitments with regard to third countries even in economic difficult times. They also propose that, after carefully studying the effects of the financial crisis on the real economy, the EIB should be invited to enhance its support to the new Member States, while stressing the importance of involving the private sector in re-stabilising these economies.

(5) The ruling of the Court of Justice on the external mandate of the EIB : MEPs welcome the Court of Justice's judgment of 6 November 2008 on the legal basis of Decision 2006/1016/EC and consider that it is vital to adopt a decision replacing Decision 2006/1016/EC in accordance with the judgment of the Court of Justice. They recommend rapid agreement between Parliament, the Council and the Commission following the ruling of that judgment, with the aim of guaranteeing that Parliament's prerogatives are fully respected on the one hand, and the continuity of the external financial operations of the EIB on the other.

The report stresses that this rapid agreement serves as a temporary solution with a precise end-date, until the-mid term review in 2010. MEPs recommend that the Steering Committee finalise its work in early 2010 and request that the Steering Committee inform Parliament regularly of its progress.

2009/01/21
   EP - Committee opinion
Documents
2009/01/15
   EP - Amendments tabled in committee
Documents
2008/11/13
   EP - Committee draft report
Documents
2008/06/19
   EP - Committee referral announced in Parliament
2008/06/02
   EP - STAUNER Gabriele (PPE-DE) appointed as rapporteur in CONT
2008/03/11
   EP - MITCHELL Gay (PPE-DE) appointed as rapporteur in ECON

Documents

Votes

Rapport MITCHELL A6-0135/2009 - résolution #

2009/03/25 Outcome: +: 518, -: 34, 0: 18
DE GB FR ES IT PL RO BE NL HU BG SE AT PT FI SK IE EL DK LT CZ LV SI LU EE MT ?? CY
Total
75
52
54
45
56
33
24
21
24
17
13
16
15
18
13
11
10
17
8
7
18
5
5
4
3
3
1
2
icon: PPE-DE PPE-DE
206

Denmark PPE-DE

1

Lithuania PPE-DE

1

Slovenia PPE-DE

3

Luxembourg PPE-DE

2

Malta PPE-DE

For (1)

1

PPE-DE

For (1)

1
icon: PSE PSE
173

Ireland PSE

1

Lithuania PSE

For (1)

1

Czechia PSE

For (1)

1

Slovenia PSE

For (1)

1

Luxembourg PSE

For (1)

1

Estonia PSE

2
icon: ALDE ALDE
70

Romania ALDE

2
2

Sweden ALDE

2

Austria ALDE

1

Ireland ALDE

For (1)

1

Denmark ALDE

2

Latvia ALDE

1

Slovenia ALDE

1

Estonia ALDE

For (1)

1

Cyprus ALDE

For (1)

1
icon: Verts/ALE Verts/ALE
36

United Kingdom Verts/ALE

4

Italy Verts/ALE

2

Belgium Verts/ALE

2

Sweden Verts/ALE

For (1)

1

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1
icon: UEN UEN
27

Denmark UEN

For (1)

1

Lithuania UEN

1
icon: IND/DEM IND/DEM
12

United Kingdom IND/DEM

Against (1)

1

France IND/DEM

Abstain (1)

1

Poland IND/DEM

Against (1)

Abstain (1)

3

Netherlands IND/DEM

2

Sweden IND/DEM

2

Ireland IND/DEM

For (1)

1

Greece IND/DEM

Against (1)

1

Czechia IND/DEM

Abstain (1)

1
icon: NI NI
20

United Kingdom NI

Against (1)

4

Italy NI

For (1)

Against (1)

Abstain (1)

3

Poland NI

1

Belgium NI

2

Austria NI

Against (1)

Abstain (1)

2

Slovakia NI

2
icon: GUE/NGL GUE/NGL
26

France GUE/NGL

Against (1)

1

Netherlands GUE/NGL

2

Sweden GUE/NGL

Against (1)

1

Portugal GUE/NGL

3

Finland GUE/NGL

Against (1)

1

Cyprus GUE/NGL

Against (1)

1
AmendmentsDossier
100 2008/2155(INI)
2008/12/17 CONT 5 amendments...
source: PE-416.678
2009/01/15 ECON 95 amendments...
source: PE-418.227

History

(these mark the time of scraping, not the official date of the change)

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  • date: 2009-03-09T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The Committee on Economic and Monetary Affairs adopted the own-initiative report drawn up by Gay MITCHELL (EPP-ED, IE) on the 2007 Annual Reports of the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). (1) The objectives and operations of the EIB : MEPs welcome the 2007 Annual Report of the EIB, notably as regards its financing operations focusing on six policy priorities : (i) ensuring economic and social cohesion; (ii) implementing the Innovation 2010 initiative; (iii) developing trans-European transport and access networks; (iv) supporting small and medium-sized enterprises; (v) protecting and improving the environment; and (vi) ensuring sustainable, competitive and secure energy, and also as regards the implementation of the EIB's external lending mandate in third countries. MEPs consider that EIB lending activity must be consistent, in its areas of competence, between countries, that the EIB must show flexibility in terms of how the European Union is able to respond to widely differing circumstances in different countries and that its operations must be consistent with the achievement of the Millennium Goals . They believe that the EIB must be accountable both publicly and to Parliament for the use and efficiency of EU-sourced funds spent. Recalling that the EIB is not subject to traditional prudential supervision, MEPs call on the Commission and Member States to explore possibilities of a broader revision of the arrangements for supervision of the EIB's financial operations, which could be executed by a future European prudential supervisory system. Moreover, the EIB is called upon to pursue a zero-tolerance policy towards fraud and corruption . In this context, MEPs call on the EIB to include measures aimed at: (i) an administrative debarment mechanism for companies found guilty of corruption by the EIB and other multilateral development banks; (ii) a whistleblower protection policy; (iii) a reinforcement of its investigative function and an enhancement of the preventive and detective role of that function. Lastly, MEPs note the favourable opinion of the external audit and the conclusions of the annual report of the Audit Committee. In the light of the current financial and economic crisis, they call for the EIB to be subject to the same prudential rules as credit establishments and to real prudential control. (2) The objectives and operations of EBRD : MEPs welcome the 2007 Annual Report of the EBRD, notably with regard to the fact that EBRD investment activities were focused on countries at an early or intermediate stage of transition. They also welcome its progress in financing projects under its Sustainable Energy initiative. The report notes that the EBRD primarily operates in third countries, but that some operations continue also to remain important in Member States. Recognising that the operating environment is becoming increasingly challenging and integrity concerns tend to become more frequent, MEPs consider that the EBRD has to strengthen its technical assistance and consultancy activities to promote good governance standards and ensure adequate management of the projects at local level in the EU neighbourhood countries. (3) Cooperation between the EIB and the EBRD : the report notes that the EIB and the EBRD are increasingly financing operations in the same geographical regions outside the European Union, such as in Eastern Europe, Southern Caucasus, Russia, the Western Balkans, and, in the near future, also in Turkey. MEPs consider that the activities of the EIB and the EBRD in the countries of common operation should not compete, but should, rather, be complementary. They therefore recommend better structured cooperation between the EIB and the EBRD in countries of common operation. In a longer term perspective, the report recommends that the shareholders of the EIB consider an increase of the EIB' ownership of the EBRD, for instance in the context of a capital increase or, if a shareholder of the EBRD is considering a withdrawal, of its ownership in the bank. MEPs also recognise that the EIB and the EBRD need to work together with other international or regional financial institutions, such as the World Bank, the Asian Development Bank, and the African Development Bank, in order to make greater effects in regions further away from the European Union and to avoid unwanted overlaps and duplications in funding activities. (4) The global financial turmoil and implications : the report stresses the important role which the European Economic Recovery Plan has assigned to the EIB, especially with regard to the enhanced financing for SMEs, energy from renewable sources, and clean transport. In this context, the EIB and the Commission should accelerate the implementation of projects in the Member States as well as in the sectors which are most severely affected by the crisis. In this respect, it is important to mobilise the expertise of the technical assistance programmes like Jaspers, Jeremie, Jessica and Jasmine, in order to speed up the distribution of structural aid. MEPs call on the Member States to fully exploit the instruments of venture capital, global loans, and micro credit facilities offered by the EIB programs and facilities. They also call on the Commission and the EIB to investigate jointly how the credit crunch in the real economy can be overcome with the help of new innovative financial instruments . The report stresses that, in the current period of tight credit conditions, the role of the two banks is highlighted both inside and outside the European Union. In this context, MEPs call on both banks to keep their commitments with regard to third countries even in economic difficult times. They also propose that, after carefully studying the effects of the financial crisis on the real economy, the EIB should be invited to enhance its support to the new Member States, while stressing the importance of involving the private sector in re-stabilising these economies. (5) The ruling of the Court of Justice on the external mandate of the EIB : MEPs welcome the Court of Justice's judgment of 6 November 2008 on the legal basis of Decision 2006/1016/EC and consider that it is vital to adopt a decision replacing Decision 2006/1016/EC in accordance with the judgment of the Court of Justice. They recommend rapid agreement between Parliament, the Council and the Commission following the ruling of that judgment, with the aim of guaranteeing that Parliament's prerogatives are fully respected on the one hand, and the continuity of the external financial operations of the EIB on the other. The report stresses that this rapid agreement serves as a temporary solution with a precise end-date, until the-mid term review in 2010. MEPs recommend that the Steering Committee finalise its work in early 2010 and request that the Steering Committee inform Parliament regularly of its progress.
  • date: 2009-03-16T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2009-135&language=EN title: A6-0135/2009
  • date: 2009-03-24T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20090324&type=CRE title: Debate in Parliament
  • date: 2009-03-25T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=16901&l=en title: Results of vote in Parliament
  • date: 2009-03-25T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2009-185 title: T6-0185/2009 summary: The European Parliament adopted by 518 votes to 34, with 18 abstentions, a resolution on the 2007 Annual Reports of the European Investment Bank and the European Bank for Reconstruction and Development. (1) The objectives and operations of the EIB : MEPs welcome the 2007 Annual Report of the EIB, notably as regards its financing operations focusing on six policy priorities: (i) ensuring economic and social cohesion; (ii) implementing the Innovation 2010 initiative; (iii) developing trans-European transport and access networks; (iv) supporting small and medium-sized enterprises; (v) protecting and improving the environment; and (vi) ensuring sustainable, competitive and secure energy, and also as regards the implementation of the EIB's external lending mandate in third countries. The Parliament welcomes the EIB's objective to address, inter alia, the climate change challenge and recalls, in this context, that there is a need to develop further environmentally friendly funding criteria. The EIB is called upon to focus its energy lending on energy efficiency, renewable energy and research and development investments to those two areas. Moreover, the Parliament calls on the EIB to establish and make public a methodology to assess the climate impact of the financed projects and to make public a set of appraisal criteria enabling the EIB to refuse projects for their negative impact on climate change. MEPs believe that EIB lending activity must be: (i) consistent, within its areas of competence, between countries; (ii) simple in its approach between various EU actors and instruments; (iii) flexible in terms of how the European Union is able to respond to widely differing circumstances in different countries; (iv) coherent with the achievement of the Millennium Goals; and (v) accountable both publicly and to Parliament for the use and efficiency of EU-sourced funds spent. The resolution stresses that the EIB has the potential to be a key player in environmentally transforming European transport . It urges the EIB, therefore, to increase substantially its support for rail, urban public transport, inter-modal transport, and transport management. Moreover, the EIB is called upon to better monitor and to make transparent the nature and final destination of its global loans in support of SMEs. Recalling that the EIB is not subject to traditional prudential supervision, MEPs call on the Commission and Member States to explore possibilities of a broader revision of the arrangements for supervision of the EIB's financial operations , which could be executed by a future European prudential supervisory system. Moreover, the EIB is called upon to pursue a zero-tolerance policy towards fraud and corruption . In this context, MEPs call on the EIB to include measures aimed at: (i) an administrative debarment mechanism for companies found guilty of corruption by the EIB and other multilateral development banks; (ii) a whistleblower protection policy; (iii) a reinforcement of its investigative function and an enhancement of the preventive and detective role of that function. Lastly, in the light of the current financial and economic crisis, the Parliament calls for the EIB to be subject to the same prudential rules as credit establishments and to real prudential control. (2) The objectives and operations of EBRD : MEPs welcome the 2007 Annual Report of the EBRD, notably with regard to the fact that EBRD investment activities were focused on countries at an early or intermediate stage of transition. They also welcome its progress in financing projects under its Sustainable Energy initiative. The resolution notes that the EBRD primarily operates in third countries, but that some operations continue also to remain important in Member States. Recognising that the operating environment is becoming increasingly challenging and integrity concerns tend to become more frequent, MEPs consider that the EBRD has to strengthen its technical assistance and consultancy activities to promote good governance standards and ensure adequate management of the projects at local level in the EU neighbourhood countries. (3) Cooperation between the EIB and the EBRD : the resolution notes that the EIB and the EBRD are increasingly financing operations in the same geographical regions outside the European Union, such as in Eastern Europe, Southern Caucasus, Russia, the Western Balkans, and, in the near future, also in Turkey. The Parliament considers that the activities of the EIB and the EBRD in the countries of common operation should not compete, but should, rather, be complementary. It therefore recommends better structured cooperation between the EIB and the EBRD in countries of common operation. MEPs recommends, inter alia, that the EIB specialise more in the financing of larger- scale private and public infrastructures and projects, and that the EBRD specialise more in smaller-scale investments, institution building, privatisation, trade facilitation, financial markets, and direct equity investments, in order to promote corporate governance standards. In a longer term perspective, the resolution recommends that the shareholders of the EIB consider an increase of the EIB' ownership of the EBRD, for instance in the context of a capital increase or, if a shareholder of the EBRD is considering a withdrawal, of its ownership in the bank. MEPs also recognise that the EIB and the EBRD need to work together with other international or regional financial institutions, such as the World Bank, the Asian Development Bank, and the African Development Bank, in order to make greater effects in regions further away from the European Union and to avoid unwanted overlaps and duplications in funding activities. (4) The global financial turmoil and implications : the Parliament stresses the important role which the European Economic Recovery Plan has assigned to the EIB, especially with regard to the enhanced financing for SMEs, energy from renewable sources, and clean transport. Nevertheless, it urges Member States to further increase the EIB capital in such a way as to ensure that its lending capacity matches the mid-term financial needs for industries and business where necessary to support green and sustainable jobs . In this context, the EIB and the Commission should accelerate the implementation of projects in the Member States as well as in the sectors which are most severely affected by the crisis. In this respect, it is important to mobilise the expertise of the technical assistance programmes like Jaspers, Jeremie, Jessica and Jasmine, in order to speed up the distribution of structural aid. MEPs call on the Member States to fully exploit the instruments of venture capital, global loans, and micro credit facilities offered by the EIB programs and facilities. They also call on the Commission and the EIB to investigate jointly how the credit crunch in the real economy can be overcome with the help of new innovative financial instruments . The resolution stresses that, in the current period of tight credit conditions, the role of the two banks is highlighted both inside and outside the European Union. In this context, MEPs call on both banks to keep their commitments with regard to third countries even in economic difficult times. They also propose that, after carefully studying the effects of the financial crisis on the real economy, the EIB should be invited to enhance its support to the new Member States, while stressing the importance of involving the private sector in re-stabilising these economies. (5) The ruling of the Court of Justice on the external mandate of the EIB : MEPs welcome the Court of Justice's judgment of 6 November 2008 on the legal basis of Decision 2006/1016/EC and consider that it is vital to adopt a decision replacing Decision 2006/1016/EC in accordance with the judgment of the Court of Justice. They recommend rapid agreement between Parliament, the Council and the Commission following the ruling of that judgment, with the aim of guaranteeing that Parliament's prerogatives are fully respected on the one hand, and the continuity of the external financial operations of the EIB on the other. The resolution stresses that this rapid agreement serves as a temporary solution with a precise end-date, until the-mid term review in 2010. MEPs recommend that the Steering Committee finalise its work in early 2010 and request that the Steering Committee inform Parliament regularly of its progress.
  • date: 2009-03-25T00:00:00 type: End of procedure in Parliament body: EP
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: ALMUNIA Joaquín
procedure/dossier_of_the_committee
Old
ECON/6/62762
New
  • ECON/6/62762
procedure/legal_basis/0
Rules of Procedure EP 52
procedure/legal_basis/0
Rules of Procedure of the European Parliament EP 052
procedure/legal_basis/1
Rules of Procedure EP 52-p4
procedure/legal_basis/1
Rules of Procedure of the European Parliament EP 052-p2
procedure/subject
Old
  • 6.30.02 Financial and technical cooperation and assistance
  • 6.30.04 Loans to third-countries, Guarantee Fund
  • 8.40.07 European Investment Bank
New
6.30.02
Financial and technical cooperation and assistance
6.30.04
Loans to third-countries, Guarantee Fund
8.40.07
European Investment Bank (EIB)
activities
  • date: 2008-06-19T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: CONT date: 2008-06-02T00:00:00 committee_full: Budgetary Control rapporteur: group: PPE-DE name: STAUNER Gabriele body: EP responsible: True committee: ECON date: 2008-03-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: MITCHELL Gay
  • date: 2009-03-09T00:00:00 body: EP committees: body: EP responsible: False committee: CONT date: 2008-06-02T00:00:00 committee_full: Budgetary Control rapporteur: group: PPE-DE name: STAUNER Gabriele body: EP responsible: True committee: ECON date: 2008-03-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: MITCHELL Gay type: Vote in committee, 1st reading/single reading
  • date: 2009-03-16T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2009-135&language=EN type: Committee report tabled for plenary, single reading title: A6-0135/2009 body: EP type: Committee report tabled for plenary, single reading
  • date: 2009-03-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20090324&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2009-03-25T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=16901&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2009-185 type: Decision by Parliament, 1st reading/single reading title: T6-0185/2009 body: EP type: Results of vote in Parliament
committees
  • body: EP responsible: False committee: CONT date: 2008-06-02T00:00:00 committee_full: Budgetary Control rapporteur: group: PPE-DE name: STAUNER Gabriele
  • body: EP responsible: True committee: ECON date: 2008-03-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: MITCHELL Gay
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: ALMUNIA Joaquín
procedure
dossier_of_the_committee
ECON/6/62762
reference
2008/2155(INI)
title
EIB and EBRD annual reports for 2007
legal_basis
stage_reached
Procedure completed
subtype
Annual report
type
INI - Own-initiative procedure
subject