Procedure lapsed or withdrawn
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Opinion | AFET | VAIDERE Inese (PPE) | |
Opinion | BUDG | ||
Opinion | DEVE | ||
Lead | INTA | KAZAK Metin (ALDE) | WINKLER Iuliu (PPE), KOPPA Maria Eleni (S&D), ZAHRADIL Jan (ECR) |
Legal Basis TFEU 209-p1, TFEU 212
Activites
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2013/05/08
Proposal withdrawn by Commission
- DG {'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}, REHN Olli
-
2012/05/24
Results of vote in Parliament
- Results of vote in Parliament
- Debate in Parliament
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T7-0220/2012
summary
The European Parliament decided to amend the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries. It decided to postpone the vote on the draft legislative resolution to a later date. The proposed amendments may be summarised as follows: Purpose of Union assistance: Parliament considers that Union macro-financial assistance should be used to provide exceptional financial assistance to third countries that have run into temporary balance of payment difficulties. Unlike other Union instruments providing direct support for its external policies (such as the Instrument for Pre-accession Assistance, the European Neighbourhood Instrument, the Development Cooperation Instrument), macro-financial assistance should not be used to provide regular financial support nor have as its primary aim supporting the economic and social development of the beneficiary countries. Nor should macro-financial assistance be used akin to conditional debt forgiveness grants. Macro-financial assistance is also a tool of Union foreign policy and should serve to enhance the visibility and influence of the Union beyond its borders. Close involvement of the European External Action Service (EEAS) for the purpose of coordination and the consistency of Union external policy should be ensured throughout the whole macro-financial assistance operation. Eligible countries: the text makes it clear that beneficiary countries must fulfil the conditionality criteria set out in the regulation. Third countries that play a determining role in regional stability and are of strategic importance for the Union, are eligible in exceptional and duly justified circumstances. The text states that the Commission will be empowered to adopt delegated acts in respect of eligible countries and territories and granting assistance to particular countries and territories. The Commission shall be empowered to adopt delegated acts to amend Points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy. Amount of the assistance: Parliament stipulates that the Union's contribution should be sufficient to guarantee that it brings Union added value and should not normally be below 20%. Conditionality: Parliament notes that pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights. It adds that this assessment shall be entrusted to the EEAS in cooperation with the Commission and shall take into consideration the resolutions and reports adopted by the European Parliament concerning beneficiary countries. The assessment may identify policy recommendations as regards the strengthening of democratic institutions, human rights, transparency and the fight against corruption. This report shall be added to each individual delegated act. With a view to protecting Union democratic values and interests and reinforcing beneficiary countries' respect for fundamental rights, the Memorandum of Understanding shall include country specific recommendations that are consistent with Union external policies aimed at strengthening the rule of law, human and labour rights, transparency and combating corruption. In addition, macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources or that of another European or multilateral financial institution. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme and of respect for the Genval political and value-based principles (to guide the EU's macro-financial assistance operations). It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding. Procedure: Parliament expanded on the procedure to be followed when a country requests assistance. The Commission shall be empowered to adopt delegated acts to establish and to amend Annex IIa in order to provide macro-financial assistance to a particular country or territory. In the delegated act the Commission shall, inter alia, stipulate the following: (a) in all cases, the beneficiary of the assistance, the total maximum amount of the assistance, the form of the assistance, and the availability period of the assistance; (b) in case of the decision to provide a loan, the amount, the maximum average maturity, and the maximum number of instalments of the macro-financial assistance; in case of the decision to provide a grant, the amount, and the maximum number of instalments. The decision to provide a grant shall be accompanied by a justification for the grant (or grant element) of assistance. Following the adoption of the delegated act on granting macro-financial assistance, the Commission, in close cooperation with the EEAS, shall be empowered to adopt delegated acts, to agree in the Memorandum of Understanding the policy measures on conditionality. Parliament stresses the involvement of EEAS and stipulates that the EEAS shall verify at regular intervals, and without delay in the case of unforeseen developments, that the appropriate conditions continue to be met, and inform the Commission accordingly. If the relevant conditions are not met, and the Commission temporarily suspends, reduces or cancels the disbursement of the assistance, and in case the suspension of the operation is lifted after consultation of the EEAS, the Commission shall inform the European Parliament and the Council of the reasons thereof. Evaluation: Parliament insists that the Court of Auditors shall audit the financial management of the assistance. Review: no later than 4 years after entry into force of the Regulation, and every four years thereafter, the Commission shall present to the European Parliament and the Council a report on the application of the Regulation which shall include a detailed overview of macro-financial assistance granted and shall be accompanied, if appropriate, by a legislative proposal for a review of the Regulation. Non-expiry of the Regulation: the Commission proposed that the Regulation should only last until the end of 2013, and is thus meant to be transitional. Thereafter the Regulation would be replaced (or amended) by a new framework Regulation. Parliament considers that one framework regulation is sufficient and it does not make sense to approve a regulation for less than two years. Therefore, it proposes that the Regulation should be open-ended with the possibility for review every four years. Delegated acts: as noted above, delegated acts will be used to grant assistance to beneficiary countries on a case by case basis. Provisions on the advisory and examination procedure have been deleted from the text. Annex II a (new): Parliament proposes the introduction of a new Annex II a which aims to specify the particular countries and territories receiving financial macro-assistance.
- #3166
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2012/05/14
Council Meeting
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2012/05/03
Committee report tabled for plenary, 1st reading/single reading
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A7-0157/2012
summary
The Committee on International Trade adopted the report by Metin KAZAK (ALDE, BG) on the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries. The committee recommends that the position of the European Parliament in first reading following the ordinary legislative procedure should be to amend the Commission proposal. The main amendments are as follows: Purpose of Union assistance: Members consider that Union macro-financial assistance should be used to provide exceptional financial assistance to third countries that have run into temporary balance of payment difficulties. Unlike other Union instruments providing direct support for its external policies (such as the Instrument for Pre-accession Assistance, the European Neighbourhood Instrument, the Development Cooperation Instrument), macro-financial assistance should not be used to provide regular financial support nor have as its primary aim supporting the economic and social development of the beneficiary countries. Nor should macro-financial assistance be used akin to conditional debt forgiveness grants. Macro-financial assistance is also a tool of Union foreign policy and should serve to enhance the visibility and influence of the Union beyond its borders. Close involvement of the European External Action Service (EEAS) for the purpose of coordination and the consistency of Union external policy should be ensured throughout the whole macro-financial assistance operation. Eligible countries: the text makes it clear that beneficiary countries must fulfil the conditionality criteria set out in the regulation. Third countries that play a determining role in regional stability and are of strategic importance for the Union, are eligible in exceptional and duly justified circumstances. The report states that the Commission will be empowered to adopt delegated acts in respect of eligible countries and territories and granting assistance to particular countries and territories. The Commission shall be empowered to adopt delegated acts to amend Points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy. Amount of the assistance: Members stipulate that the Union's contribution should be sufficient to guarantee that it brings Union added value and should not normally be below 20%. Conditionality: the report notes that pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights. It adds that this assessment shall be entrusted to the EEAS in cooperation with the Commission and shall take into consideration the resolutions and reports adopted by the European Parliament concerning beneficiary countries. The assessment may identify policy recommendations as regards the strengthening of democratic institutions, human rights, transparency and the fight against corruption. This report shall be added to each individual delegated act. With a view to protecting Union democratic values and interests and reinforcing beneficiary countries' respect for fundamental rights, the Memorandum of Understanding shall include country specific recommendations that are consistent with Union external policies aimed at strengthening the rule of law, human and labour rights, transparency and combating corruption. In addition, macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources or that of another European or multilateral financial institution. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme and of respect for the Genval political and value-based principles (to guide the EU's macro-financial assistance operations). It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding. Procedure: the committee expanded on the procedure to be followed when a country requests assistance. The Commission shall be empowered to adopt delegated acts to establish and to amend Annex IIa in order to provide macro-financial assistance to a particular country or territory. In the delegated act the Commission shall, inter alia, stipulate the following: (a) in all cases, the beneficiary of the assistance, the total maximum amount of the assistance, the form of the assistance, and the availability period of the assistance; (b) in case of the decision to provide a loan, the amount, the maximum average maturity, and the maximum number of instalments of the macro-financial assistance; in case of the decision to provide a grant, the amount, and the maximum number of instalments. The decision to provide a grant shall be accompanied by a justification for the grant (or grant element) of assistance. Following the adoption of the delegated act on granting macro-financial assistance, the Commission, in close cooperation with the EEAS, shall be empowered to adopt delegated acts, to agree in the Memorandum of Understanding the policy measures on conditionality. Members stress the involvement of EEAS and stipulate that the EEAS shall verify at regular intervals, and without delay in the case of unforeseen developments, that the appropriate conditions continue to be met, and inform the Commission accordingly. If the relevant conditions are not met, and the Commission temporarily suspends, reduces or cancels the disbursement of the assistance, and in case the suspension of the operation is lifted after consultation of the EEAS, the Commission shall inform the European Parliament and the Council of the reasons thereof. Evaluation: Members insist that the Court of Auditors shall audit the financial management of the assistance. Review: no later than 4 years after entry into force of the Regulation, and every four years thereafter, the Commission shall present to the European Parliament and the Council a report on the application of the Regulation which shall include a detailed overview of macro-financial assistance granted and shall be accompanied, if appropriate, by a legislative proposal for a review of the Regulation. Non-expiry of the Regulation: the Commission proposed that the Regulation should only last until the end of 2013, and is thus meant to be transitional. Thereafter the Regulation would be replaced (or amended) by a new framework Regulation. Members consider that one framework regulation is sufficient and it does not make sense to approve a regulation for less than two years. Therefore, Members propose that the Regulation should be open-ended with the possibility for review every four years. Delegated acts: as noted above, delegated acts will be used to grant assistance to beneficiary countries on a case by case basis. Provisions on the advisory and examination procedure have been deleted from the text. Annex II a (new): Members propose the introduction of a new Annex II a which aims to specify the particular countries and territories receiving financial macro-assistance.
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A7-0157/2012
summary
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2012/04/26
Vote in committee, 1st reading/single reading
-
2011/07/07
Committee referral announced in Parliament, 1st reading/single reading
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2011/07/04
Legislative proposal published
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COM(2011)0396
summary
PURPOSE: to lay down general provisions for Macro-Financial Assistance to third countries.PROPOSED ACT: Regulation of the European Parliament and of the Council. BACKGROUND: since its launch in 1990, Macro-Financial Assistance (MFA) has been used to grant financial assistance of a macroeconomic nature to third countries that are experiencing short-term balance-of-payments difficulties. A total of 55 MFA decisions benefiting 23 countries have so far been approved, with total commitments amounting to EUR 7.4 billion, in the form of grants and loans.However, some of its features tend to reduce its effectiveness and transparency. In particular, MFA is currently subject to case-by-case legislative decisions, i.e. the launch of each individual MFA operation with a country in crisis requires a separate legislative decision.With the proposed Framework Regulation, the Commission intends to create a formal legal instrument for MFA to third countries. The primary objective is to make MFA more effectiveby streamlining its decision-making process. As highlighted by the global financial crisis, dealing effectively with macroeconomic and financial emergency situations requires a crisis response instrument that can be deployed quickly and efficiently. This calls for a decision-making process that avoids long procedures and delays.IMPACT ASSESSMENT: no impact assessment was carried out.LEGAL BASIS: in contrast with the situation under the EC Treaty, the article of the TFEU governing economic and financial cooperation with third countries (Article 212 TFEU) includes MFA. This article has formed the legal basis for the MFA decisions adopted since the entry into force of the Lisbon Treaty. However, if the recipient country of MFA is a developing country, the decision would be adopted on the basis of Article 209 TFEU, which governs the EU’s development cooperation. As the proposed Regulation provides the framework for future MFA operations in crisis-hit third countries, it has the same legal basis as individual country-specific post-Lisbon MFA decisions, i.e. Articles 209 and 212 TFEU.CONTENT: the draft Regulation lays down general provisions for the granting of macro-financial assistance to eligible third countries and territories as set out in the draft Regulation. The main provisions of the Regulation are as follows:(1) Decision-making process: under the proposed Framework Regulation, the Commission would submit draft country specific MFA decisions to a committee of Member State representatives. The Committee would deliver an opinion in accordance with the examination procedure established by the comitology regulation that entered into force on 1 March 2011. This decision-making process would replace the current lengthier case-by-case legislative decisions for MFA. In line with the comitology regulation, the Committee would be composed of representatives of the Member States and chaired by the Commission, with the chair not having the right to vote.The procedure would be as follows: the Commission would submit to the Committee draft Commission decisions granting MFA to a third country (“draft implementing acts”). In case of a positive opinion by the Committee (adopted by a qualified majority of the representatives of the Member States) on the proposed decisions, the Commission would adopt them. In case of a negative opinion of the Committee (also adopted by a qualified majority of the representatives of the Member States), the Commission would not adopt them, although it could refer them to the appeal committee or present amended drafts. Lastly, if no opinion was delivered, the Commission could still adopt the draft decisions, unless a simple majority of the Committee’s members opposed them.Once a decision to provide assistance to a third country has been adopted in accordance with the procedure described so far, the Commission would implement the MFA operation. TheMemorandum of Understanding laying down the policy measures associated with the assistance would be adopted by the Commission, subject to the opinion of the Committee. For this purpose, the Committee would act in accordance with the advisory procedure since these Memoranda have no budgetary implications, or implications for third countries, beyond those of the decision granting the assistance. Once a Memorandum of Understanding has been adopted, the Commission would decide on the release of the assistance subject to a satisfactory implementation of the economic programme supported by the IMF and of the policy measures agreed between the EU and beneficiary country.As foreseen in Articles 10 and 11 of Regulation (EU) 182/2011, the European Parliament and the Council would have access to the documents concerning the proceedings of the Committee and the right to challenge draft implementing acts submitted by the Commission, should either of them consider that these go beyond the implementing powers provided for inthe Framework Regulation.Guidelines for MFA operations: aside from the changes to the decision-making process, the Framework Regulation would also formalise and, where appropriate, update the Genval criteria that guide MFA operations:Exceptionality: MFA is exceptional in nature, mobilised on a case-by-case basis to help the recipient country deal with short-term balance-of-payments or budget difficulties. It is to be discontinued once the country can satisfy its external financing needs through other sources.Geographical delimitation: according to the Genval criteria, MFA is reserved for third countries with close political and economic links to the EU. In 2002, the Council specified that is meant to cover candidate and potential candidate countries, the three European countries of the CIS (Belarus, Moldova and Ukraine) and the countries concerned by the Barcelona process (i.e. countries having signed, or expected to sign, Euro-Mediterranean Association Agreements). Other third countries may in exceptional circumstances also become eligible. The Framework Regulation defines, as countries and territories eligible for MFA, the candidate and potential candidate countries, all countries and territories covered by the European Neighbourhood Policy (including those in the South Caucasus: Armenia, Azerbaijan and Georgia), as well as other third countries in exceptional and duly justified circumstances. Such other countries must be politically, economically and geographically close to the EU.Political pre-conditions: in line with the EU’s fundamental values, a potential recipient country must have in place effective democratic institutions and mechanisms, including multi-party parliamentary systems, and respect human rights and the rule of law. Complementarity and burden sharing: MFA operations are contingent on the existence and satisfactory implementation of an IMF-supported programme in the recipient country entailing the use of IMF funds. While reaffirming the principles of complementarity to IFI support and burden sharing with other donors, the Commission does not propose to include explicit ceilings for the share of the contribution made by EU MFA to covering the residual financing gaps of beneficiary countries.Conditionality: the launch of any MFA operation is conditional on the country having an IMF-supported programme in place that entails the use of IMF funds. In addition, the Commission, on behalf of the EU, agrees with the recipient country on a separate set of policy conditions. These conditions are laid down in a Memorandum of Understanding (MoU).Financial discipline: when MFA takes the form of a grant, the funds come from the EU budget. The amounts provided as MFA have to be consistent with the ceilings established for the relevant budget appropriations in the EU’s multi-annual Financial Perspectives. When it takes the form of a loan, the Commission, on behalf of the EU, issues a bond in the capital markets that matches the financial terms agreed with the beneficiary country and on-lends the proceeds immediately. To cover against the risk of default by beneficiary countries, the EU bond is guaranteed by the Guarantee Fund, which is provisioned at a rate of 9% of the outstanding amount. In order to strengthen financial discipline and enhance the predictability of the instrument, the Framework Regulation proposes a more transparent approach for determining under what circumstances MFA should be provided in the form of a loan or a grant, or a combination of the two. In line with World Bank and IMF practice, the main criteria determining the form of the assistance are: the level of economic and social development (average income levels, poverty ratios); and debt sustainability, also in view of a country’s capacity to repay.BUDGETARY IMPLICATIONS: the proposed Framework Regulation in itself does not imply a change from the current practice regarding the number of MFA operations or the amounts granted in each of them. The number and scale of operations is determined by the frequency and severity of economic and financial crises, as is the case for any crisis response instrument. In any case, MFA will remain consistent with the current financial perspectives covering the period of 2007-13 and the budgetary appropriations foreseen therein.
- DG {'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}, REHN Olli
-
COM(2011)0396
summary
Documents
- Legislative proposal published: COM(2011)0396
- Committee report tabled for plenary, 1st reading/single reading: A7-0157/2012
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0220/2012
Amendments | Dossier |
100 |
2011/0176(COD)
2012/03/29
AFET
62 amendments...
Amendment 17 #
Proposal for a regulation Recital 1 (1) The European Union is a major provider of economic, financial and technical assistance to third countries. Union macro-financial assistance (hereinafter "macro-financial assistance") has proved an inefficient instrument for economic stabilisation and has failed as a driver for structural reforms in the beneficiary countries. In accordance with its overall policy vis-à-vis candidate, potential candidate, and neighbourhood countries, the Union should
Amendment 18 #
Proposal for a regulation Recital 1 (1) The European Union is a major provider of economic, financial and technical assistance to third countries. Union macro-financial assistance (hereinafter "macro-financial assistance") has proved an efficient instrument for economic stabilisation and a driver for structural reforms in the beneficiary countries. In accordance with its overall policy vis-à-vis candidate, potential candidate, and neighbourhood countries,
Amendment 19 #
Proposal for a regulation Recital 9 (9) The Commission should ensure that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies, whereby the Union should not seek to impose these but agree on them with the countries receiving assistance.
Amendment 20 #
Proposal for a regulation Recital 10 (10) Macro-financial assistance should support the beneficiary countries' commitments to common values with the Union,
Amendment 21 #
Proposal for a regulation Recital 12 (12) Since the objectives of this Regulation, namely to contribute to macroeconomic stabilisation in partner third countries, can
Amendment 22 #
Proposal for a regulation Recital 13 Amendment 23 #
Proposal for a regulation Recital 14 a (new) (14a) In order to achieve a balance between the need for effectiveness and efficiency of Union assistance on the one hand, and greater coherence, transparency and democratic scrutiny on the other, the power to adopt acts in accordance with Article 290 of the Treaty of the Functioning of the European Union should be delegated to the Commission in respect of eligible countries and territories (Annex I) and granting assistance to particular countries and territories (Annex II). It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 24 #
Proposal for a regulation Recital 15 (15) In order to ensure uniform conditions for the implementation of this Regulation,
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 3 Amendment 26 #
Proposal for a regulation Article 2 – point c c) Other third countries in exceptional and duly justified circumstances.
Amendment 27 #
Proposal for a regulation Article 2 – paragraph 1 a (new) The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to amend Points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy.
Amendment 28 #
Proposal for a regulation Article 3 – paragraph 1 1. Macro-financial assistance shall take the form of a loan
Amendment 29 #
Proposal for a regulation Article 3 – paragraph 2 Amendment 30 #
Proposal for a regulation Article 5 – paragraph 1 Amendment 31 #
Proposal for a regulation Article 5 – paragraph 3 3. In case the financing needs of the beneficiary country decline
Amendment 32 #
Proposal for a regulation Article 5 – paragraph 3 3. In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the
Amendment 33 #
Proposal for a regulation Article 6 – paragraph 1 1. A pre-condition for granting macro- financial assistance shall be that the recipient country
Amendment 34 #
Proposal for a regulation Article 6 – paragraph 1 – point a (new) (a) The European External Action Service (EEAS) shall make an assessment of the country concerned specifying whether it meets democratic accountability, allowing timely consultation with civil society. The Commission should only provide macro- financial assistance if the report from the EEAS demonstrates a sufficient commitment to democratic reforms and compliance with international human rights law by the beneficiary country. The report should identify policy recommendations and human rights benchmarks to be included in the Memorandum of Understanding,
Amendment 35 #
Proposal for a regulation Article 6 – paragraph 1 – point b (new) (b) With a view to protecting the Union's democratic values and interests and reinforcing beneficiary countries' respect for human rights, the Memorandum of Understanding shall include country specific measures that are consistent with the Union's external policies aimed at strengthening human and labour rights, transparency and combating corruption. These measures may include specific governance policies, including those suggested by the EEAS under Article 6(1)(a), and may include the ratification and implementation of relevant international conventions. The Memorandum of Understanding may also include specific human rights benchmarks, such as the release of all political prisoners and human rights defenders, practical measures for the projection of journalists and respect for the freedom of the press.
Amendment 36 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 37 #
Proposal for a regulation Article 6 – paragraph 3 Amendment 38 #
Proposal for a regulation Article 6 – paragraph 5 5. Progress on
Amendment 39 #
Proposal for a regulation Article 6 – paragraph 6 6. The policy measures shall be consistent with the existing partnership agreements, cooperation agreements or association agreements concluded between the Union and the beneficiary country
Amendment 40 #
Proposal for a regulation Article 7 – paragraph 3 3.
Amendment 41 #
Proposal for a regulation Article 7 – paragraph 3 3. The decision to provide a loan shall specify the amount, the maximum average maturity, the maximum number of instalments of the macro-financial assistance. The decision to provide a grant shall specify the amount, and the maximum number of instalments. In both cases the availability period of the macro-financial assistance shall be defined
Amendment 42 #
Proposal for a regulation Article 7 – paragraph 3 – point a (new) (a) All delegated acts shall stipulate the beneficiary of the assistance, the total maximum amount of the assistance, the form of the assistance, and the availability period of the assistance,
Amendment 43 #
Proposal for a regulation Article 7 – paragraph 3 – point b (new) (b) The decision to provide a loan shall specify the amount, the maximum average maturity, the maximum number of instalments of the macro-financial assistance,
Amendment 44 #
Proposal for a regulation Article 7 – paragraph 3 – point c (new) (c) The decision to provide a grant shall specify the amount, and the maximum number of instalments. The decision to provide a grant shall be accompanied by a justification of the grant (or grant element) of assistance.
Amendment 45 #
Proposal for a regulation Article 7 – paragraph 4 4. Following the approval of the decision granting macro-financial assistance, the Commission, acting in accordance with Article 14(3), shall agree the policy measures referred to in Article 6 (1), (3), (4), (5) and (6) with the beneficiary country.
Amendment 46 #
Proposal for a regulation Article 7 – paragraph 5 5. Following the approval of the decision granting macro-financial assistance, the Commission shall agree the detailed financial terms of the assistance with the beneficiary country. These shall be laid down in a
Amendment 47 #
Proposal for a regulation Article 7 – paragraph 6 6. The Commission
Amendment 48 #
Proposal for a regulation Article 9 – paragraph 1 1. Macro-financial assistance shall be disbursed only to the central bank of the beneficiary country.
Amendment 49 #
Proposal for a regulation Article 9 – paragraph 2 2. The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in Article 6(1), 6(2) and 6(3).
Amendment 50 #
Proposal for a regulation Article 9 – paragraph 3 3. The Commission shall verify at regular intervals that the conditions referred to in Article 6(1), 6(2) and 6(3) continue to be met. The monitoring of the compliance with Article 6(1) shall be made in close cooperation with the EEAS and civil society organisations.
Amendment 51 #
Proposal for a regulation Article 9 – paragraph 4 4. In case the conditions referred to in Article 6(1), 6(2) and 6(3) are not met, the Commission can temporarily suspend, reduce or cancel the disbursement of the assistance and inform the European Parliament and the Council thereof.
Amendment 52 #
Proposal for a regulation Article 11 – paragraph 1 1. Beneficiary countries shall
Amendment 53 #
Proposal for a regulation Article 11 – paragraph 5 5. Where it has been established that, in relation to the management of assistance under this Regulation, a beneficiary country has engaged in any act of fraud or corruption or any other illegal activity detrimental to the financial interests of the Union, the Commission shall be entitled to the full repayment of the grant and/or the early repayment of the loan. The Memorandum of Understanding shall include provisions on mechanisms allowing the beneficiary country to seize the assets wrongfully misappropriated.
Amendment 54 #
Proposal for a regulation Article 13 – paragraph 2 2. The annual report shall assess the economic situation and prospects of the
Amendment 55 #
Proposal for a regulation Article 14 a (new) Article 14a Exercise of the delegation 1. The power to adopt delegated acts referred to in Articles 2(1a), 5(3) and 7(3) shall be conferred on the Commission for a period of applicability of this Regulation. 2. The delegation of power may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 3. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and the Council. 4. A delegated act adopted pursuant to Articles 2(1a), 5(3) and 7(3) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of the act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.
Amendment 59 #
Proposal for a regulation Annex 1 – part 1 – paragraph 5 Amendment 60 #
Proposal for a regulation Annex 1 – part 1 – paragraph 5 Amendment 61 #
Proposal for a regulation Annex 1 – part 1 – paragraph 6 source: PE-486.020
2012/04/11
INTA
38 amendments...
Amendment 55 #
Proposal for a regulation Recital 1 (1) The European Union
Amendment 56 #
Proposal for a regulation Recital 3 (3) A framework for delivering macro- financial assistance to third countries with which the Union has important political, economic and commercial ties should make the assistance more effective.
Amendment 57 #
Proposal for a regulation Recital 6 a (new) (6a) In 2011, the Union started the process of reviewing the external assistance instruments, in light of the next Multi-Annual Financial Framework (2014-2020). In this context, new arrangements for macro-financial assistance should be evaluated, including its integration into the new European Neighbourhood Instrument (ENI), provided that a solution can be found regarding the mix of grant and loan financing typical for macro-financial assistance operations. Therefore, this Regulation is expiring on 31 December 2013.
Amendment 58 #
Proposal for a regulation Recital 7 (7) In its conclusions of 8 October 2002, the Council established criteria (the so- called Genval criteria) to guide the EU's macro-financial assistance operations. It is appropriate to
Amendment 59 #
Proposal for a regulation Recital 9 Amendment 60 #
Proposal for a regulation Recital 10 (10) Macro-financial assistance should support the beneficiary countries' commitments to common values with the Union,
Amendment 61 #
Proposal for a regulation Recital 11 (11) The specific objectives of individual macro-financial assistance operations should include the strengthening of efficiency, transparency and accountability of public finance management in the beneficiary countries. The fulfilment of these objectives should be regularly monitored by the Commission, public sector trade unions and representatives of civil society in the beneficiary country.
Amendment 62 #
Proposal for a regulation Recital 13 Amendment 63 #
Proposal for a regulation Recital 14 (14) In order to ensure
Amendment 64 #
Proposal for a regulation Recital 15 (15) In order to ensure
Amendment 65 #
Proposal for a regulation Recital 16 Amendment 66 #
Proposal for a regulation Recital 17 Amendment 67 #
Proposal for a regulation Article 1 – paragraph 2 2. Macro-financial assistance shall be an exceptional financial instrument of untied and undesignated balance-of-payments support to eligible third countries and territories. It shall aim at restoring a sustainable external finance situation for countries facing external financing difficulties.
Amendment 68 #
Proposal for a regulation Article 1 – paragraph 3 Amendment 69 #
Proposal for a regulation Article 2 – paragraph 1 – point c Amendment 70 #
Proposal for a regulation Article 2 – paragraph 1 – point c (c) Other third countries in exceptional and duly justified circumstances.
Amendment 71 #
Proposal for a regulation Article 2 – paragraph 1 a (new) 1a. The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to amend Points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy.
Amendment 72 #
Proposal for a regulation Article 2 – paragraph 1 b (new) 1b. The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to supplement, when necessary, this Regulation with eligible countries that meet the criteria of paragraph 1 c) of this Article.
Amendment 73 #
Proposal for a regulation Article 3 – paragraph 2 2. Where macro-financial assistance takes the form of a loan, the Commission shall be empowered on behalf of the Union to borrow the necessary funds on the capital markets or from financial institutions and on-lend them to the beneficiary country, at an interest rate not to exceed the rate which the Commission has incurred.
Amendment 74 #
Proposal for a regulation Article 3 – paragraph 5 5. At the request of the beneficiary country, and where circumstances permit an improvement of the interest rate of the loan, the Commission may refinance all or part of its initial borrowings or restructure the corresponding financial conditions.
Amendment 75 #
Proposal for a regulation Article 5 – paragraph 1 1. The amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with international financial institutions, based on a comprehensive and well documented quantitative assessment.
Amendment 76 #
Proposal for a regulation Article 5 – paragraph 2 Amendment 77 #
Proposal for a regulation Article 5 – paragraph 3 3. In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission
Amendment 78 #
Proposal for a regulation Article 6 – paragraph 2 Amendment 79 #
Proposal for a regulation Article 6 – paragraph 3 Amendment 80 #
Proposal for a regulation Article 6 – paragraph 4 4. With a view to protecting the Union's financial interests and reinforcing beneficiary countries' governance, the Memorandum of Understanding shall
Amendment 81 #
Proposal for a regulation Article 6 – paragraph 5 Amendment 82 #
Proposal for a regulation Article 6 – paragraph 6 Amendment 83 #
Proposal for a regulation Article 7 – paragraph 2 2. If the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met,
Amendment 84 #
Proposal for a regulation Article 7 – paragraph 4 4. Following the approval of the decision granting macro-financial assistance, the Commission
Amendment 85 #
Proposal for a regulation Article 7 – paragraph 4 4. Following the approval of the decision granting macro-financial assistance, the Commission, acting in accordance with Article 14(3), shall agree the policy measures referred to in Article 6(
Amendment 86 #
Proposal for a regulation Article 7 – paragraph 6 6. The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents in due time.
Amendment 87 #
Proposal for a regulation Article 9 – paragraph 2 Amendment 88 #
Proposal for a regulation Article 9 – paragraph 3 Amendment 89 #
Proposal for a regulation Article 9 – paragraph 4 Amendment 90 #
Proposal for a regulation Article 11 – paragraph 3 Amendment 91 #
Proposal for a regulation Article 11 – paragraph 5 5. Where it has been established that, in relation to the management of assistance under this Regulation, a beneficiary country has engaged in any act of fraud or corruption
Amendment 92 #
Proposal for a regulation Article 13 – paragraph 2 2. The annual report shall assess the economic situation and prospects of the beneficiary countries
source: PE-486.210
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History
(these mark the time of scraping, not the official date of the change)
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Rules of Procedure of the European Parliament EP 150New
Rules of Procedure EP 150 |
procedure/dossier_of_the_committee |
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INTA/7/06475New
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activities/0/docs/0/celexid |
CELEX:52011PC0396:EN
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links/European Commission/title |
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PreLexNew
EUR-Lex |
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Macro-Financial Assistance (MFA) to third countries: general provisionsNew
Macro-financial assistance (MFA) to third countries: general provisions |
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