BETA

Procedure completed



2001/0062(CNS) Economic Union: medium-term financial assistance for Member States' balances of payment (repeal. Regulation (EEC) No 1969/88)
RoleCommitteeRapporteurShadows
Opinion BUDG SEPPÄNEN Esko (GUE/NGL)
Lead ECON ANDRIA Generoso (PPE-DE)
Lead committee dossier: ECON/5/14555
Legal Basis EC Treaty (after Amsterdam) EC 308

Activites

  • 2002/02/23 Final act published in Official Journal
  • #2409
  • 2002/02/18 Council Meeting
  • 2002/02/18 End of procedure in Parliament
  • 2002/02/18 Act adopted by Council after consultation of Parliament
  • 2001/09/06 Decision by Parliament, 1st reading/single reading
    • T5-0445/2001 summary
  • 2001/09/05 Debate in Parliament
  • 2001/07/12 Vote in committee, 1st reading/single reading
  • 2001/04/02 Committee referral announced in Parliament, 1st reading/single reading
  • 2001/03/07 Legislative proposal published
    • COM(2001)0113 summary
    • DG [{'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}],

Documents

History

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

activities
  • date: 2001-03-07T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2001&nu_doc=113 title: COM(2001)0113 type: Legislative proposal published celexid: CELEX:52001PC0113:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs type: Legislative proposal published
  • date: 2001-04-02T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: BUDG date: 2001-05-29T00:00:00 committee_full: Budgets rapporteur: group: GUE/NGL name: SEPPÄNEN Esko body: EP responsible: True committee: ECON date: 2001-06-19T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: ANDRIA Generoso
  • body: EP committees: body: EP responsible: False committee: BUDG date: 2001-05-29T00:00:00 committee_full: Budgets rapporteur: group: GUE/NGL name: SEPPÄNEN Esko body: EP responsible: True committee: ECON date: 2001-06-19T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: ANDRIA Generoso docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-269&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A5-0269/2001 date: 2001-07-12T00:00:00 type: Vote in committee, 1st reading/single reading
  • date: 2001-09-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20010905&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2001-09-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-445 type: Decision by Parliament, 1st reading/single reading title: T5-0445/2001 body: EP type: Decision by Parliament, 1st reading/single reading
  • date: 2002-02-18T00:00:00 body: CSL type: Council Meeting council: General Affairs meeting_id: 2409
  • date: 2002-02-18T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2002-02-18T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2002-02-23T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32002R0332 title: Regulation 2002/332 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2002:053:TOC title: OJ L 053 23.02.2002, p. 0001-0003
commission
  • body: EC dg: Economic and Financial Affairs commissioner: --
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2001-06-19T00:00:00
rapporteur
name: ANDRIA Generoso group: European People's Party (Christian Democrats) and European Democrats abbr: PPE-DE
committees/0
body
EP
responsible
False
committee
BUDG
date
2001-05-29T00:00:00
committee_full
Budgets
rapporteur
group: GUE/NGL name: SEPPÄNEN Esko
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Budgets
committee
BUDG
date
2001-05-29T00:00:00
rapporteur
name: SEPPÄNEN Esko group: European United Left - Nordic Green Left abbr: GUE/NGL
committees/1
body
EP
responsible
True
committee
ECON
date
2001-06-19T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: PPE-DE name: ANDRIA Generoso
council
  • body: CSL type: Council Meeting council: General Affairs meeting_id: 2409 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2409*&MEET_DATE=18/02/2002 date: 2002-02-18T00:00:00
docs
  • date: 2001-03-07T00:00:00 docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2001&nu_doc=113 title: EUR-Lex url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:C:2001:180E:SOM:EN:HTML title: OJ C 180 26.06.2001, p. 0199 E title: COM(2001)0113 summary: type: Legislative proposal body: EC
  • date: 2001-05-30T00:00:00 docs: title: PE296.012/AM type: Amendments tabled in committee body: EP
  • date: 2001-07-02T00:00:00 docs: title: PE303.591/DEF committee: BUDG type: Committee opinion body: EP
  • date: 2001-07-12T00:00:00 docs: title: PE296.012 type: Committee draft report body: EP
  • date: 2001-07-12T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-269&language=EN title: A5-0269/2001 type: Committee report tabled for plenary, 1st reading/single reading body: EP
  • date: 2001-09-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-445 title: T5-0445/2001 title: OJ C 072 21.03.2002, p. 0237-0312 E summary: type: Text adopted by Parliament, 1st reading/single reading body: EP
  • date: 2017-08-30T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2017/0459/COM_COM(2017)0459_EN.pdf title: COM(2017)0459 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2017&nu_doc=0459 title: EUR-Lex summary: The Commission presented a report on the Union's facility providing medium-term financial assistance for Member States' balances of payments pursuant to Article 10 of Council Regulation (EC) No 332/2002 (the BoP Regulation). Pursuant to the BoP Regulation, the BoP Instrument was created to provide Union medium-term financial assistance to Member States which have not adopted the euro (Member States with a derogation) and are experiencing, or are threatened with, difficulties in their balance of payments. This financial assistance is either in the form of an EU loan or a credit line. The main conclusions of the report are as follows: Appropriateness of the BoP Instrument : since 2012, the BoP Instrument has effectively fulfilled its role . Generally, all of the beneficiaries mentioned above saw the sustainability of their balance of payments situation improve rapidly, and therefore access to market-based financing could be re-established: Romania , has requested and received assistance under the instrument. The precautionary assistance by the EU amounted to EUR 2 billion, while the IMF contributed up to SDR 1.75 billion (around EUR 2 billion) on the basis of an equally precautionary SBA. The precautionary assistance for Romania, following up on two previous arrangements (one of which on a precautionary basis), has demonstrated the versatility of the instrument. Romania still had EUR 3.5 billion left to repay from the non-precautionary support disbursed in 2010-11. Hungary fully repaid its loan in April 2016 whereas EUR 0.7 billion of Latvia’s loan is still outstanding. Ceiling : the ceiling of EUR 50 billion for outstanding loans in principal appears adequate. There is no need to revise this ceiling taking into consideration that the remaining capacity of the instrument currently stands at EUR 45.8 billion with no further requests. Necessary modifications : during 2010-13, the toolbox of international financial assistance instruments had been extended to include more flexible and more preventive instruments: in the euro area, the European Stability Mechanism (ESM) has a comprehensive toolkit to address the funding needs of its members; in the Union, the European Financial Stabilisation Mechanism (EFSM) set up under Regulation (EU) No 407/2010 , broadly similar in its workings to the BoP Instrument, introduced a more flexible framework for borrowing and lending operations for macro financial purposes; the multilateral surveillance framework was enhanced , with the adoption of the ‘six pack’ and the ‘two pack’. In order to reflect these institutional innovations, it was suggested that the rules for credit lines in the BoP Regulation should be clarified , while those for borrowing and lending operations should be aligned to the more flexible ones applicable to the European Financial Stabilisation Mechanism (EFSM). For this purpose, the Commission submitted a proposal which remains under discussion in the Council. The main elements are as follows: (i) a more flexible toolkit; (ii) greater transparency and accountability; (iii) enhanced surveillance; (iv) streamlining of surveillance procedures. In addition to these changes proposed by the Commission, the European Parliament requested including the possibility to provide loans to non-euro area Member States to recapitalise financial institutions (indirect recapitalisation instrument). In response to this request, the Commission agreed to clarify that financing needs stemming from the necessity to recapitalise financial institutions could be addressed with the instrument and that the necessary conditionality could be adjusted to address primarily these problems. Lastly, the Commission proposed to finalise the legislative process , because it improves the procedure and therefore contributes to a level playing field between Member States. type: Follow-up document body: EC
events
  • date: 2001-03-07T00:00:00 type: Legislative proposal published body: EC docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2001&nu_doc=113 title: EUR-Lex title: COM(2001)0113 summary:
  • date: 2001-04-02T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2001-07-12T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary:
  • date: 2001-07-12T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-269&language=EN title: A5-0269/2001
  • date: 2001-09-05T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20010905&type=CRE title: Debate in Parliament
  • date: 2001-09-06T00:00:00 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=P5-TA-2001-445 title: T5-0445/2001 summary:
  • date: 2002-02-18T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2002-02-18T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2002-02-23T00:00:00 type: Final act published in Official Journal docs: title: Regulation 2002/332 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32002R0332 title: OJ L 053 23.02.2002, p. 0001-0003 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2002:053:TOC
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
procedure/dossier_of_the_committee
Old
ECON/5/14555
New
  • ECON/5/14555
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32002R0332
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32002R0332
procedure/instrument
Old
Regulation
New
  • Regulation
  • Amended by 2008/0208(CNS) Amended by 2009/0053(CNS) Repealed by 2012/0164(APP)
procedure/subject
Old
  • 5.10.01 Convergence of economic policies, public deficit, interest rates
New
5.10.01
Convergence of economic policies, public deficit, interest rates
procedure/summary
  • Amended by
  • Amended by
  • Repealed by
links/European Commission/title
Old
PreLex
New
EUR-Lex
activities
  • date: 2001-03-07T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2001&nu_doc=113 celexid: CELEX:52001PC0113:EN type: Legislative proposal published title: COM(2001)0113 type: Legislative proposal published body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
  • date: 2001-04-02T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: BUDG date: 2001-05-29T00:00:00 committee_full: Budgets rapporteur: group: GUE/NGL name: SEPPÄNEN Esko body: EP responsible: True committee: ECON date: 2001-06-19T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: ANDRIA Generoso
  • body: EP committees: body: EP responsible: False committee: BUDG date: 2001-05-29T00:00:00 committee_full: Budgets rapporteur: group: GUE/NGL name: SEPPÄNEN Esko body: EP responsible: True committee: ECON date: 2001-06-19T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: ANDRIA Generoso docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A5-2001-269&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A5-0269/2001 date: 2001-07-12T00:00:00 type: Vote in committee, 1st reading/single reading
  • date: 2001-09-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20010905&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2001-09-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P5-TA-2001-445 type: Decision by Parliament, 1st reading/single reading title: T5-0445/2001 body: EP type: Decision by Parliament, 1st reading/single reading
  • date: 2002-02-18T00:00:00 body: CSL type: Council Meeting council: General Affairs meeting_id: 2409
  • date: 2002-02-18T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2002-02-18T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2002-02-23T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32002R0332 title: Regulation 2002/332 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2002:053:TOC title: OJ L 053 23.02.2002, p. 0001-0003
committees
  • body: EP responsible: False committee: BUDG date: 2001-05-29T00:00:00 committee_full: Budgets rapporteur: group: GUE/NGL name: SEPPÄNEN Esko
  • body: EP responsible: True committee: ECON date: 2001-06-19T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PPE-DE name: ANDRIA Generoso
links
European Commission
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
procedure
dossier_of_the_committee
ECON/5/14555
reference
2001/0062(CNS)
instrument
Regulation
legal_basis
EC Treaty (after Amsterdam) EC 308
stage_reached
Procedure completed
summary
subtype
Legislation
title
Economic Union: medium-term financial assistance for Member States' balances of payment (repeal. Regulation (EEC) No 1969/88)
type
CNS - Consultation procedure
final
subject
5.10.01 Convergence of economic policies, public deficit, interest rates