Activites

• 2009/05/27 Final act published in Official Journal
  • Regulation 2009/431
  • OJ L 128 27.05.2009, p. 0001
• #2942
• 2009/05/18 Council Meeting
• 2009/05/18 End of procedure in Parliament
• 2009/05/18 Act adopted by Council after consultation of Parliament
• #2940
• 2009/05/05 Council Meeting
• 2009/04/24 Results of vote in Parliament
  • Results of vote in Parliament
  • T6-0324/2009 summary

    The European Parliament adopted by 369 votes to 9, with 15 abstentions, a legislative resolution modifying, under the consultation procedure, the proposal for a Council regulation amending Regulation (EC) No 332/2002 establishing a facility providing medium-term financial assistance for Member States’ balances of payments.The committee approves the Commission proposal and makes the following amendments:according to the proposal, the conditions for granting the financial assistance should be spelled out in a memorandum of understanding to be negotiated between the Commission and the Member State concerned. MEPs ask the Commission to communicate the memorandum of understanding to the European Parliament and the Council;the Council shall decide on any adjustments to be made to the initial economic policy conditions in line with the main economic objectives of the Community;the Parliament suggests that, every two years, the Council should examine, on the basis of a report from the Commission, after consulting the European Parliament and after the delivery of an opinion by the Economic and Financial Committee, whether the facility established still meets, in its principle, arrangements and ceiling, the need which led to its creation.

• 2009/04/22 Debate in Parliament
  • Debate in Parliament
• 2009/04/21 Committee referral announced in Parliament, 1st reading/single reading
  • A6-0268/2009
• 2009/04/08 Legislative proposal published
  • COM(2009)0169 summary

    PURPOSE: to amend Regulation (EC) No 332/2002, establishing a facility providing medium-term financial assistance for Member States' balances of payments.PROPOSED ACT: Council Regulation.CONTENT: the scope and intensity of the international financial crisis affects the potential demand for Community medium-term financial assistance in the Member States outside the euro area. This calls for a considerable increase in the ceiling laid down in Regulation No (EC) 332/2002 for the outstanding amount of loans to be granted to them from EUR 25 billion to EUR 50 billion.In the light of recent experience gained in the functioning of medium-term financial assistance, the respective tasks and responsibilities of the Commission and the Member States concerned with the implementation of the Regulation should be clarified. In addition, the conditions for granting the financial assistance should be spelled out in a memorandum of understanding to be negotiated between the Commission and the Member State concerned. The proposal stipulates that the Member State concerned shall discuss with the Commission an assessment of its financial needs and submit a draft adjustment programme. The Council, after examining the situation in the Member State seeking medium-term financial assistance and the adjustment programme presented in support of its application, shall decide, as a rule during the same meeting:whether to grant a loan or appropriate financing facility, its amount and its average duration;the economic policy conditions attaching to the medium-term financial assistance with a view to re-establishing or ensuring a sustainable balance of payments situation;the techniques for disbursing the loan or financing facility, the release or drawing-down of which shall, as a rule, be by successive instalments, the release of each instalment being subject to verification of the results achieved in implementing the programme in terms of the objectives set.In addition, the conditions for granting the financial assistance should be spelled out in a memorandum of understanding to be negotiated between the Commission and the Member State concerned.The Commission shall take the necessary measures to verify at regular intervals, in collaboration with the Economic and Financial Committee that the economic policy of the Member State in receipt of a Community loan accords with the adjustment programmeand with any other conditions laid down by the Council. For operational reasons, the Member State concerned should be asked to place the financial assistance received in a special account with the National Central Bank and to transfer the amounts due in an account with the European Central Bank a few days prior to their due dates.The possibility for the European Court of Auditors and the European Anti-Fraud Office to carry out controls when they deem necessary is provided for by the existing loan agreements and should be laid down in this Regulation.This Regulation should apply immediately to all new loan agreements and to the existing loan agreements if and when they are revised.IMPACT ASSESSMENT: no impact assessment.FINANCIAL IMPLICATIONS: there are no financial implications for the Community budget.

  • DG {'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}, ALMUNIA Joaquín

Documents

• Legislative proposal published: COM(2009)0169
• Committee report tabled for plenary, 1st reading/single reading: A6-0268/2009
• Debate in Parliament: Debate in Parliament
• Results of vote in Parliament: Results of vote in Parliament
• Decision by Parliament, 1st reading/single reading: T6-0324/2009
• : Regulation 2009/431
• : OJ L 128 27.05.2009, p. 0001

History

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