BETA


2017/0007(COD) Macro-financial assistance to Moldova

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead INTA MOISĂ Sorin (icon: S&D S&D) WINKLER Iuliu (icon: PPE PPE), ZAHRADIL Jan (icon: ECR ECR), TAKKULA Hannu (icon: ALDE ALDE), SCHOLZ Helmut (icon: GUE/NGL GUE/NGL), HAUTALA Heidi (icon: Verts/ALE Verts/ALE), BEGHIN Tiziana (icon: EFDD EFDD)
Committee Opinion AFET AUŠTREVIČIUS Petras (icon: ALDE ALDE) Andi CRISTEA (icon: S&D S&D)
Committee Opinion BUDG MUREŞAN Siegfried (icon: PPE PPE)
Lead committee dossier:
Legal Basis:
TFEU 212

Events

2017/09/20
   Final act published in Official Journal
Details

PURPOSE: to provide macro-financial assistance to Moldova.

LEGISLATIVE ACT: Decision (EU) 2017/1565 of the European Parliament and of the Council on providing macro-financial assistance to the Republic of Moldova.

CONTENT: Moldova’s economy was affected by political instability that followed the November 2014 elections and lasted until January 2016. It has also been affected by a banking fraud scandal, weak economic activity in the region and import bans by Russia. Since the beginning of 2016, the authorities have adopted a number of reforms but need to undertake further efforts in implementing them.

Amounts of assistance : under this Decision, the Union shall make available to Moldova macro-financial assistance of up to a maximum of EUR 100 million with a view to facilitating the stabilisation of its economy, implementation of a major reform programme.

Of this maximum amount, EUR 60 million was agreed in loans and EUR 40 million in the form of grants . This will supplement resources provided by the IMF and other multilateral institutions.

The Union's macro-financial assistance shall contribute to covering Moldova's balance of payments needs and complement the programmes and resources provided by the International Monetary Fund (IMF) and the World Bank.

Objectives : the specific objectives of the assistance shall be to::

increase the efficiency, transparency and accountability of Moldova’ public finance management systems; ensure the efficiency of the fight against corruption and money laundering; reinforce the governance and supervisions of its financial and banking sector; improve the governance of the energy sector; promote structural reforms to support sustainable growth, job creation, good business climate and fiscal consolidation.

Union's macro-financial assistance shall also include measures to support the implementation of the Association Agreement, including the Deep and Comprehensive Free Trade Agreement.

Conditions : the assistance shall be released in three instalments. The disbursement of each instalment shall depend on the programme’s progress agreed with the IMF and on the fulfilment of clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, to which the Union's macro-financial assistance is to be subject, to be laid down in a Memorandum of Understanding which shall include a timeframe for the fulfilment of those conditions.

The assistance shall be made available for a period of two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding.

The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union's macro-financial assistance, including disbursements thereof.

Joint Declaration : Parliament, Council and Commission agreed on a joint declaration in the light of changes in the electoral system in Moldova. The Declaration stressed that respect for effective democratic mechanisms , including a multi-party parliamentary system and the rule of law, as well as guarantees of respect for human rights , was a pre-condition for granting assistance. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the lifecycle of the macro-financial assistance

ENTRY INTO FORCE: 23.9.2017.

2017/09/13
   CSL - Draft final act
Documents
2017/09/13
   CSL - Final act signed
2017/09/13
   EP - End of procedure in Parliament
2017/09/06
   EC - Commission response to text adopted in plenary
Documents
2017/07/17
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2017/07/17
   CSL - Council Meeting
2017/07/04
   EP - Results of vote in Parliament
2017/07/04
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 575 votes to 76 with 46 abstentions a legislative resolution on the proposal for a decision of the European Parliament and of the Council granting macro-financial assistance to Moldova.

The position of the European Parliament adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows:

Objectives of the macro-financial assistance : this aid should help Moldova to:

restore the sustainability of its external finances , by contributing to greater political and macroeconomic stability in the country, strengthening economic and financial governance, including through a thorough and results-oriented investigation of bank fraud, good governance in the energy sector and the political independence of the judiciary; strengthen its adherence to the values it shares with the Union , including democracy, the rule of law, but also a responsible and transparent public service based on merit, an independent judiciary, respect for human rights, freedom, independence and media pluralism; ensure the effective combat of corruption and money laundering , strengthen the governance and oversight of the country’s financial and banking sector, improve the governance of the energy sector and promote a business-friendly climate.

Follow-up: in order to allow a correct assessment of the specific objectives, the latter should be defined in a verifiable and measurable way . In the event of failure to comply with the objectives and principles of the Association Agreement, the Commission should suspend provisionally or cancel the payment of EU macro-financial assistance.

Moldova should regularly keep the Commission informed of the implementation of macro-financial assistance through full disclosure of information and strict compliance with the applicable Union financial rules.

Lastly, Parliament stated that EU macro-financial assistance should include measures to support the implementation of the Association Agreement, including the deep and comprehensive free trade agreement.

Documents
2017/07/03
   EP - Debate in Parliament
2017/06/20
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2017/06/15
   CSL - Coreper letter confirming interinstitutional agreement
2017/05/05
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on International Trade adopted the report by Sorin MOISǍ (S&D, RO) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Moldova.

The committee recommended that the European Parliament’s position adopted at first reading, following the ordinary legislative procedure, should amend the Commission proposal as follows:

Aim of the macro-financial assistance : this assistance shall aim to support the restoration of a sustainable external financing situation for Moldova thereby supporting its economic and social development, especially in areas related to economic governance and to the independence of the judiciary.

Conditions for granting assistance : the EU assistance shall support Moldova's commitment to values shared with the Union, including democracy, the rule of law, good governance as well as the depoliticisation of appointments in public administration.

Both the fulfilment of the precondition and the achievement of the objectives shall be regularly monitored by the Commission and the European External Action Service. If the precondition and objectives are not met or if the aims and principles of the Association Agreement are generally disregarded, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance.

Moldova shall regularly inform the Commission about the implementation of the macro-financial assistance on the basis of full disclosure and strict compliance with Union financial rules.

Documents
2017/05/04
   EP - Vote in committee, 1st reading/single reading
2017/05/04
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2017/04/11
   EP - Committee opinion
Documents
2017/04/06
   EP - Amendments tabled in committee
Documents
2017/04/05
   EP - Committee opinion
Documents
2017/03/22
   RO_SENATE - Contribution
Documents
2017/03/01
   EP - Committee draft report
Documents
2017/01/30
   EP - AUŠTREVIČIUS Petras (ALDE) appointed as rapporteur in AFET
2017/01/26
   EP - MUREŞAN Siegfried (PPE) appointed as rapporteur in BUDG
2017/01/23
   EP - MOISĂ Sorin (S&D) appointed as rapporteur in INTA
2017/01/19
   EP - Committee referral announced in Parliament, 1st reading/single reading
2017/01/13
   EC - Document attached to the procedure
2017/01/13
   EC - Legislative proposal published
Details

PURPOSE: to provide macro-financial assistance to Moldova.

PROPOSED ACT: Decision of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: relations between the European Union (EU) and Moldova continue to develop within the framework of the European Neighbourhood Policy (ENP) and the Eastern Partnership. The EU-Moldova Association Agreement, which includes the gradual introduction of a Deep and Comprehensive Free Trade Area (DCFTA), was signed in June 2014 and entered into force on 1 July 2016.

Moldova's economy has been affected significantly by the political instability experienced in the period between the elections of November 2014 and January 2016, as well as by a banking fraud scandal, weak economic activity in the region, and import bans imposed by Russia. That situation contributed to producing a recession, a growing trade deficit and a significant decline of the foreign exchange reserves over the last year.

In a context of political transition and economic difficulties, in July 2016 the Moldovan authorities and the International Monetary Fund (IMF) agreed on a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement in the amount of USD 178.7 million. The arrangement was approved by the IMF Board on 7 November 2016.

In view of the worsening economic situation and outlook, Moldova requested complementary macro-financial assistance (MFA) from the Union in August 2015 and reiterated that request in March 2016.

The Union's indicative allocation for Moldova under the European Neighbourhood Instrument (ENI) is EUR 610-746 million, including budgetary support and technical assistance.

Given that Moldova is a country covered by the ENP, it should be considered to be eligible to receive macro-financial assistance from the Union.

The EUs macro-financial assistance is an exceptional emergency instrument aimed at addressing severe balance-of-payment difficulties in third countries.

Given that there is still a significant residual external financing gap in Moldova's balance of payments over and above the resources provided by IMF and other multilateral institutions, the Union macro-financial assistance to be provided to Moldova is, under the current exceptional circumstances, considered to be an appropriate response to Moldova's request for support to the economic stabilisation, in conjunction with the IMF programme.

CONTENT: the Union shall make macro-financial assistance of a maximum amount of EUR 100 million available to Moldova , with a view to supporting Moldova's economic stabilisation and a substantive reform agenda.

The Commission proposes to provide the amount of the assistance in the form of a medium-term loan of up to EUR 60 million and in grants of up to EUR 40 million . The assistance will contribute to cover Moldova's residual external financing needs in 2016-18, as identified by the Commission based on the estimates of the IMF.

The Commission is considering releasing the assistance in three instalments:

the first two instalments, composed each of a grant element of EUR 10 million and a loan part of EUR 20 million, would be disbursed in 2017; the third one, composed of a grant element of EUR 20 million and a loan part of EUR 20 million, in the first half of 2018.

Strict conditions will be attached to the disbursements under the MFA, with each tranche, including the first one, conditional on good progress with both the IMF programme and the specific policy conditionality agreed with the EU in the Memorandum of Understanding attached to this operation.

Possible areas of conditionality could include reforms to strengthen governance in the financial sector, public finance management, energy sector reform, and accompanying measures to strengthen the social safety net, improving the investment climate and supporting the implementation of the Deep and Comprehensive Free Trade Area agreement (DCFTA).

The proposed MFA would be made available for two and a half years , starting from the first day after the entry into force of the Memorandum of Understanding. They Commission should regularly inform the European Parliament and the Council of developments relating to MFA.

BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and a grant.

The loan would be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary impact of the loan assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9% of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund").

Assuming that the first two loan disbursements (of EUR 20 million each) will be made in 2017 and the third loan disbursement (of EUR 20 million) in 2018, the provisioning will take place in the 2019-2020 budgets, for an amount of EUR 3.6 million and EUR 1.8 million, respectively.

Documents

Activities

Votes

A8-0185/2017 - Sorin Moisă - Am 8 04/07/2017 12:41:58.000

2017/07/04 Outcome: -: 583, +: 96, 0: 20
EL IE CY MT LU EE DK LT LV SI AT PT NL HR FI SK SE CZ GB BE HU BG FR RO PL ES IT DE
Total
21
9
6
5
6
6
12
11
8
8
16
18
23
11
13
13
17
21
62
20
20
16
69
30
51
49
66
91
icon: ENF ENF
36

Austria ENF

3

United Kingdom ENF

For (1)

1

Belgium ENF

For (1)

1

Romania ENF

Against (1)

1
2
icon: NI NI
16

United Kingdom NI

Against (1)

3

Hungary NI

2

France NI

For (1)

Against (1)

2

Poland NI

Against (1)

2

Germany NI

Against (1)

2
icon: EFDD EFDD
38

Lithuania EFDD

Against (1)

1

Sweden EFDD

1

Czechia EFDD

For (1)

1

France EFDD

1

Poland EFDD

1

Germany EFDD

1
icon: GUE/NGL GUE/NGL
48

Ireland GUE/NGL

Abstain (1)

4

Cyprus GUE/NGL

2

Denmark GUE/NGL

Abstain (1)

1

Portugal GUE/NGL

Against (1)

4

Netherlands GUE/NGL

2

Finland GUE/NGL

Abstain (1)

1

Sweden GUE/NGL

Abstain (1)

1

Czechia GUE/NGL

Against (1)

3

United Kingdom GUE/NGL

1

Italy GUE/NGL

Abstain (1)

3
icon: Verts/ALE Verts/ALE
49

Luxembourg Verts/ALE

Against (1)

1

Estonia Verts/ALE

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1

Denmark Verts/ALE

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1

Lithuania Verts/ALE

For (1)

1

Latvia Verts/ALE

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1

Slovenia Verts/ALE

Against (1)

1

Austria Verts/ALE

3

Netherlands Verts/ALE

Against (1)

1

Croatia Verts/ALE

Against (1)

1

Finland Verts/ALE

Against (1)

1

Sweden Verts/ALE

3

United Kingdom Verts/ALE

6

Belgium Verts/ALE

2

Hungary Verts/ALE

2

Italy Verts/ALE

Against (1)

1
icon: ECR ECR
68

Greece ECR

For (1)

1

Cyprus ECR

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1

Lithuania ECR

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1

Latvia ECR

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1

Netherlands ECR

2

Croatia ECR

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1

Finland ECR

2

Czechia ECR

2

Bulgaria ECR

2

Romania ECR

Against (1)

1

Italy ECR

2
icon: ALDE ALDE
63

Ireland ALDE

Against (1)

1

Luxembourg ALDE

Against (1)

1

Estonia ALDE

3

Denmark ALDE

3

Latvia ALDE

1

Slovenia ALDE

Against (1)

1

Austria ALDE

Against (1)

1

Portugal ALDE

1

Croatia ALDE

2

Romania ALDE

3

Germany ALDE

3
icon: S&D S&D
178

Ireland S&D

Against (1)

1

Cyprus S&D

2

Malta S&D

3

Luxembourg S&D

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1

Estonia S&D

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1
3

Lithuania S&D

2

Latvia S&D

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1

Slovenia S&D

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1

Netherlands S&D

3

Croatia S&D

2

Finland S&D

2

Czechia S&D

For (1)

4

Belgium S&D

For (1)

4
icon: PPE PPE
202

Ireland PPE

3

Cyprus PPE

Against (1)

1

Malta PPE

2

Luxembourg PPE

3

Estonia PPE

Against (1)

1

Denmark PPE

Against (1)

1

A8-0185/2017 - Sorin Moisă - Am 6 04/07/2017 12:42:18.000

2017/07/04 Outcome: +: 575, -: 76, 0: 46
DE IT FR PL ES RO GB BE BG CZ HU SE SK LT NL FI HR PT AT LV SI DK LU EE MT IE CY EL
Total
90
66
69
51
49
30
61
20
16
21
20
17
13
11
23
13
11
18
16
8
8
12
6
6
5
9
6
21
icon: PPE PPE
201

Denmark PPE

For (1)

1

Luxembourg PPE

3

Estonia PPE

For (1)

1

Malta PPE

2
3

Cyprus PPE

1
icon: S&D S&D
178

Netherlands S&D

3

Croatia S&D

2

Latvia S&D

1

Slovenia S&D

For (1)

1

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

Malta S&D

3

Ireland S&D

For (1)

1

Cyprus S&D

2
icon: ALDE ALDE
63

Romania ALDE

3

Croatia ALDE

2

Portugal ALDE

1

Austria ALDE

For (1)

1

Latvia ALDE

1

Slovenia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Estonia ALDE

3

Ireland ALDE

For (1)

1
icon: ECR ECR
67

Italy ECR

2

Romania ECR

For (1)

1

Bulgaria ECR

2

Czechia ECR

2

Lithuania ECR

1

Netherlands ECR

2

Finland ECR

For (1)

2

Croatia ECR

For (1)

1

Latvia ECR

For (1)

1

Cyprus ECR

1

Greece ECR

Against (1)

1
icon: Verts/ALE Verts/ALE
49

Italy Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Hungary Verts/ALE

2

Sweden Verts/ALE

3

Lithuania Verts/ALE

For (1)

1

Netherlands Verts/ALE

1

Finland Verts/ALE

For (1)

1

Croatia Verts/ALE

For (1)

1

Austria Verts/ALE

3

Latvia Verts/ALE

1

Slovenia Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1
icon: EFDD EFDD
38

Germany EFDD

Against (1)

1

France EFDD

Against (1)

1

Poland EFDD

1

Czechia EFDD

Against (1)

1

Sweden EFDD

Against (1)

1

Lithuania EFDD

For (1)

1
icon: NI NI
16

Germany NI

2

France NI

Abstain (1)

2

Poland NI

Against (1)

2

United Kingdom NI

For (1)

Against (2)

3

Hungary NI

2
icon: GUE/NGL GUE/NGL
48

Italy GUE/NGL

Against (1)

3

France GUE/NGL

Against (1)

3

United Kingdom GUE/NGL

Against (1)

1

Sweden GUE/NGL

Abstain (1)

1

Netherlands GUE/NGL

2

Finland GUE/NGL

For (1)

1

Portugal GUE/NGL

Abstain (1)

4

Denmark GUE/NGL

Abstain (1)

1

Ireland GUE/NGL

Abstain (1)

4

Cyprus GUE/NGL

2
icon: ENF ENF
36

Poland ENF

2

Romania ENF

1

United Kingdom ENF

Against (1)

1

Belgium ENF

Against (1)

1

Netherlands ENF

4

Austria ENF

3
AmendmentsDossier
97 2017/0007(COD)
2017/03/17 AFET 58 amendments...
source: 601.208
2017/03/24 BUDG 15 amendments...
source: 602.721
2017/04/06 INTA 24 amendments...
source: 602.964

History

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

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activities
  • date: 2017-01-13T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2017/0014/COM_COM(2017)0014_EN.pdf title: COM(2017)0014 type: Legislative proposal published celexid: CELEX:52017PC0014:EN body: EC commission: type: Legislative proposal published
  • date: 2017-01-19T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: AFET date: 2017-01-30T00:00:00 committee_full: Foreign Affairs rapporteur: group: ALDE name: AUŠTREVIČIUS Petras body: EP responsible: False committee: BUDG date: 2017-01-26T00:00:00 committee_full: Budgets rapporteur: group: EPP name: MUREŞAN Siegfried body: EP shadows: group: EPP name: WINKLER Iuliu group: ECR name: ZAHRADIL Jan group: ALDE name: TAKKULA Hannu group: GUE/NGL name: SCHOLZ Helmut group: Verts/ALE name: HAUTALA Heidi group: EFD name: BEGHIN Tiziana responsible: True committee: INTA date: 2017-01-23T00:00:00 committee_full: International Trade rapporteur: group: S&D name: MOISĂ Sorin
  • date: 2017-05-04T00:00:00 body: unknown type: Committee decision to open interinstitutional negotiations with report adopted in committee
  • date: 2017-05-04T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee: AFET date: 2017-01-30T00:00:00 committee_full: Foreign Affairs rapporteur: group: ALDE name: AUŠTREVIČIUS Petras body: EP responsible: False committee: BUDG date: 2017-01-26T00:00:00 committee_full: Budgets rapporteur: group: EPP name: MUREŞAN Siegfried body: EP shadows: group: EPP name: WINKLER Iuliu group: ECR name: ZAHRADIL Jan group: ALDE name: TAKKULA Hannu group: GUE/NGL name: SCHOLZ Helmut group: Verts/ALE name: HAUTALA Heidi group: EFD name: BEGHIN Tiziana responsible: True committee: INTA date: 2017-01-23T00:00:00 committee_full: International Trade rapporteur: group: S&D name: MOISĂ Sorin
  • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2017-0185&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0185/2017 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP responsible: False committee: AFET date: 2017-01-30T00:00:00 committee_full: Foreign Affairs rapporteur: group: ALDE name: AUŠTREVIČIUS Petras body: EP responsible: False committee: BUDG date: 2017-01-26T00:00:00 committee_full: Budgets rapporteur: group: EPP name: MUREŞAN Siegfried body: EP shadows: group: EPP name: WINKLER Iuliu group: ECR name: ZAHRADIL Jan group: ALDE name: TAKKULA Hannu group: GUE/NGL name: SCHOLZ Helmut group: Verts/ALE name: HAUTALA Heidi group: EFD name: BEGHIN Tiziana responsible: True committee: INTA date: 2017-01-23T00:00:00 committee_full: International Trade rapporteur: group: S&D name: MOISĂ Sorin date: 2017-05-05T00:00:00
  • date: 2017-06-20T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/commissions/inta/inag/2017/06-12/INTA_AG(2017)606053_EN.pdf type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations title: PE606.053 GEDA/A/(2017)006536 body: unknown type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations
  • date: 2017-07-03T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20170703&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
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  • date: 2017-07-17T00:00:00 body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 3556
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  • body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 3556 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=3556*&MEET_DATE=17/07/2017 date: 2017-07-17T00:00:00
docs
  • date: 2017-01-13T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2017:0012:FIN:EN:PDF title: EUR-Lex title: SWD(2017)0012 type: Document attached to the procedure body: EC
  • date: 2017-03-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE601.003 title: PE601.003 type: Committee draft report body: EP
  • date: 2017-04-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE600.929&secondRef=02 title: PE600.929 committee: BUDG type: Committee opinion body: EP
  • date: 2017-04-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE602.964 title: PE602.964 type: Amendments tabled in committee body: EP
  • date: 2017-04-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE599.716&secondRef=02 title: PE599.716 committee: AFET type: Committee opinion body: EP
  • date: 2017-06-15T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/commissions/inta/lcag/2017/06-15/INTA_LA(2017)006536_EN.pdf title: GEDA/A/(2017)006536 type: Coreper letter confirming interinstitutional agreement body: CSL
  • date: 2017-09-06T00:00:00 docs: url: /oeil/spdoc.do?i=29555&j=0&l=en title: SP(2017)538 type: Commission response to text adopted in plenary
  • date: 2017-09-13T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F17&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00027/2017/LEX type: Draft final act body: CSL
  • date: 2017-03-22T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2017)0014 title: COM(2017)0014 type: Contribution body: RO_SENATE
events
  • date: 2017-01-13T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2017/0014/COM_COM(2017)0014_EN.pdf title: COM(2017)0014 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2017&nu_doc=0014 title: EUR-Lex summary: PURPOSE: to provide macro-financial assistance to Moldova. PROPOSED ACT: Decision of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: relations between the European Union (EU) and Moldova continue to develop within the framework of the European Neighbourhood Policy (ENP) and the Eastern Partnership. The EU-Moldova Association Agreement, which includes the gradual introduction of a Deep and Comprehensive Free Trade Area (DCFTA), was signed in June 2014 and entered into force on 1 July 2016. Moldova's economy has been affected significantly by the political instability experienced in the period between the elections of November 2014 and January 2016, as well as by a banking fraud scandal, weak economic activity in the region, and import bans imposed by Russia. That situation contributed to producing a recession, a growing trade deficit and a significant decline of the foreign exchange reserves over the last year. In a context of political transition and economic difficulties, in July 2016 the Moldovan authorities and the International Monetary Fund (IMF) agreed on a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement in the amount of USD 178.7 million. The arrangement was approved by the IMF Board on 7 November 2016. In view of the worsening economic situation and outlook, Moldova requested complementary macro-financial assistance (MFA) from the Union in August 2015 and reiterated that request in March 2016. The Union's indicative allocation for Moldova under the European Neighbourhood Instrument (ENI) is EUR 610-746 million, including budgetary support and technical assistance. Given that Moldova is a country covered by the ENP, it should be considered to be eligible to receive macro-financial assistance from the Union. The EUs macro-financial assistance is an exceptional emergency instrument aimed at addressing severe balance-of-payment difficulties in third countries. Given that there is still a significant residual external financing gap in Moldova's balance of payments over and above the resources provided by IMF and other multilateral institutions, the Union macro-financial assistance to be provided to Moldova is, under the current exceptional circumstances, considered to be an appropriate response to Moldova's request for support to the economic stabilisation, in conjunction with the IMF programme. CONTENT: the Union shall make macro-financial assistance of a maximum amount of EUR 100 million available to Moldova , with a view to supporting Moldova's economic stabilisation and a substantive reform agenda. The Commission proposes to provide the amount of the assistance in the form of a medium-term loan of up to EUR 60 million and in grants of up to EUR 40 million . The assistance will contribute to cover Moldova's residual external financing needs in 2016-18, as identified by the Commission based on the estimates of the IMF. The Commission is considering releasing the assistance in three instalments: the first two instalments, composed each of a grant element of EUR 10 million and a loan part of EUR 20 million, would be disbursed in 2017; the third one, composed of a grant element of EUR 20 million and a loan part of EUR 20 million, in the first half of 2018. Strict conditions will be attached to the disbursements under the MFA, with each tranche, including the first one, conditional on good progress with both the IMF programme and the specific policy conditionality agreed with the EU in the Memorandum of Understanding attached to this operation. Possible areas of conditionality could include reforms to strengthen governance in the financial sector, public finance management, energy sector reform, and accompanying measures to strengthen the social safety net, improving the investment climate and supporting the implementation of the Deep and Comprehensive Free Trade Area agreement (DCFTA). The proposed MFA would be made available for two and a half years , starting from the first day after the entry into force of the Memorandum of Understanding. They Commission should regularly inform the European Parliament and the Council of developments relating to MFA. BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and a grant. The loan would be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary impact of the loan assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9% of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund"). Assuming that the first two loan disbursements (of EUR 20 million each) will be made in 2017 and the third loan disbursement (of EUR 20 million) in 2018, the provisioning will take place in the 2019-2020 budgets, for an amount of EUR 3.6 million and EUR 1.8 million, respectively.
  • date: 2017-01-19T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2017-05-04T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2017-05-04T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2017-05-05T00:00:00 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=A8-2017-0185&language=EN title: A8-0185/2017 summary: The Committee on International Trade adopted the report by Sorin MOISǍ (S&D, RO) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Moldova. The committee recommended that the European Parliament’s position adopted at first reading, following the ordinary legislative procedure, should amend the Commission proposal as follows: Aim of the macro-financial assistance : this assistance shall aim to support the restoration of a sustainable external financing situation for Moldova thereby supporting its economic and social development, especially in areas related to economic governance and to the independence of the judiciary. Conditions for granting assistance : the EU assistance shall support Moldova's commitment to values shared with the Union, including democracy, the rule of law, good governance as well as the depoliticisation of appointments in public administration. Both the fulfilment of the precondition and the achievement of the objectives shall be regularly monitored by the Commission and the European External Action Service. If the precondition and objectives are not met or if the aims and principles of the Association Agreement are generally disregarded, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance. Moldova shall regularly inform the Commission about the implementation of the macro-financial assistance on the basis of full disclosure and strict compliance with Union financial rules.
  • date: 2017-06-20T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP docs: url: http://www.europarl.europa.eu/RegData/commissions/inta/inag/2017/06-12/INTA_AG(2017)606053_EN.pdf title: PE606.053 url: http://www.europarl.europa.eu/RegData/commissions/inta/lcag/2017/06-15/INTA_LA(2017)006536_EN.pdf title: GEDA/A/(2017)006536
  • date: 2017-07-03T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20170703&type=CRE title: Debate in Parliament
  • date: 2017-07-04T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=29555&l=en title: Results of vote in Parliament
  • date: 2017-07-04T00:00:00 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=P8-TA-2017-0283 title: T8-0283/2017 summary: The European Parliament adopted by 575 votes to 76 with 46 abstentions a legislative resolution on the proposal for a decision of the European Parliament and of the Council granting macro-financial assistance to Moldova. The position of the European Parliament adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows: Objectives of the macro-financial assistance : this aid should help Moldova to: restore the sustainability of its external finances , by contributing to greater political and macroeconomic stability in the country, strengthening economic and financial governance, including through a thorough and results-oriented investigation of bank fraud, good governance in the energy sector and the political independence of the judiciary; strengthen its adherence to the values it shares with the Union , including democracy, the rule of law, but also a responsible and transparent public service based on merit, an independent judiciary, respect for human rights, freedom, independence and media pluralism; ensure the effective combat of corruption and money laundering , strengthen the governance and oversight of the country’s financial and banking sector, improve the governance of the energy sector and promote a business-friendly climate. Follow-up: in order to allow a correct assessment of the specific objectives, the latter should be defined in a verifiable and measurable way . In the event of failure to comply with the objectives and principles of the Association Agreement, the Commission should suspend provisionally or cancel the payment of EU macro-financial assistance. Moldova should regularly keep the Commission informed of the implementation of macro-financial assistance through full disclosure of information and strict compliance with the applicable Union financial rules. Lastly, Parliament stated that EU macro-financial assistance should include measures to support the implementation of the Association Agreement, including the deep and comprehensive free trade agreement.
  • date: 2017-07-17T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2017-09-13T00:00:00 type: Final act signed body: CSL
  • date: 2017-09-13T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2017-09-20T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to provide macro-financial assistance to Moldova. LEGISLATIVE ACT: Decision (EU) 2017/1565 of the European Parliament and of the Council on providing macro-financial assistance to the Republic of Moldova. CONTENT: Moldova’s economy was affected by political instability that followed the November 2014 elections and lasted until January 2016. It has also been affected by a banking fraud scandal, weak economic activity in the region and import bans by Russia. Since the beginning of 2016, the authorities have adopted a number of reforms but need to undertake further efforts in implementing them. Amounts of assistance : under this Decision, the Union shall make available to Moldova macro-financial assistance of up to a maximum of EUR 100 million with a view to facilitating the stabilisation of its economy, implementation of a major reform programme. Of this maximum amount, EUR 60 million was agreed in loans and EUR 40 million in the form of grants . This will supplement resources provided by the IMF and other multilateral institutions. The Union's macro-financial assistance shall contribute to covering Moldova's balance of payments needs and complement the programmes and resources provided by the International Monetary Fund (IMF) and the World Bank. Objectives : the specific objectives of the assistance shall be to:: increase the efficiency, transparency and accountability of Moldova’ public finance management systems; ensure the efficiency of the fight against corruption and money laundering; reinforce the governance and supervisions of its financial and banking sector; improve the governance of the energy sector; promote structural reforms to support sustainable growth, job creation, good business climate and fiscal consolidation. Union's macro-financial assistance shall also include measures to support the implementation of the Association Agreement, including the Deep and Comprehensive Free Trade Agreement. Conditions : the assistance shall be released in three instalments. The disbursement of each instalment shall depend on the programme’s progress agreed with the IMF and on the fulfilment of clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, to which the Union's macro-financial assistance is to be subject, to be laid down in a Memorandum of Understanding which shall include a timeframe for the fulfilment of those conditions. The assistance shall be made available for a period of two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding. The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union's macro-financial assistance, including disbursements thereof. Joint Declaration : Parliament, Council and Commission agreed on a joint declaration in the light of changes in the electoral system in Moldova. The Declaration stressed that respect for effective democratic mechanisms , including a multi-party parliamentary system and the rule of law, as well as guarantees of respect for human rights , was a pre-condition for granting assistance. The Commission and the European External Action Service shall monitor the fulfilment of this pre-condition throughout the lifecycle of the macro-financial assistance ENTRY INTO FORCE: 23.9.2017. docs: title: Decision 2017/1565 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017D1565 title: OJ L 242 20.09.2017, p. 0014 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2017:242:TOC
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    • The European Parliament adopted by 575 votes to 76 with 46 abstentions a legislative resolution on the proposal for a decision of the European Parliament and of the Council granting macro-financial assistance to Moldova.

      The position of the European Parliament adopted at first reading following the ordinary legislative procedure amended the Commission proposal as follows:

      Objectives of the macro-financial assistance: this aid should help Moldova to:

      • restore the sustainability of its external finances, by contributing to greater political and macroeconomic stability in the country, strengthening economic and financial governance, including through a thorough and results-oriented investigation of bank fraud, good governance in the energy sector and the political independence of the judiciary;
      • strengthen its adherence to the values it shares with the Union, including democracy, the rule of law, but also a responsible and transparent public service based on merit, an independent judiciary, respect for human rights, freedom, independence and media pluralism;
      • ensure the effective combat of corruption and money laundering, strengthen the governance and oversight of the country’s financial and banking sector, improve the governance of the energy sector and promote a business-friendly climate.

      Follow-up: in order to allow a correct assessment of the specific objectives, the latter should be defined in a verifiable and measurable way. In the event of failure to comply with the objectives and principles of the Association Agreement, the Commission should suspend provisionally or cancel the payment of EU macro-financial assistance.

      Moldova should regularly keep the Commission informed of the implementation of macro-financial assistance through full disclosure of information and strict compliance with the applicable Union financial rules.

      Lastly, Parliament stated that EU macro-financial assistance should include measures to support the implementation of the Association Agreement, including the deep and comprehensive free trade agreement.

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    • The Committee on International Trade adopted the report by Sorin MOISǍ (S&D, RO) on the proposal for a decision of the European Parliament and of the Council providing macro-financial assistance to Moldova.

      The committee recommended that the European Parliament’s position adopted at first reading, following the ordinary legislative procedure, should amend the Commission proposal as follows:

      Aim of the macro-financial assistance: this assistance shall aim to support the restoration of a sustainable external financing situation for Moldova thereby supporting its economic and social development, especially in areas related to economic governance and to the independence of the judiciary.

      Conditions for granting assistance: the EU assistance shall support Moldova's commitment to values shared with the Union, including democracy, the rule of law, good governance as well as the depoliticisation of appointments in public administration.

      Both the fulfilment of the precondition and the achievement of the objectives shall be regularly monitored by the Commission and the European External Action Service. If the precondition and objectives are not met or if the aims and principles of the Association Agreement are generally disregarded, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance.

      Moldova shall regularly inform the Commission about the implementation of the macro-financial assistance on the basis of full disclosure and strict compliance with Union financial rules.

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    Old
    JADOT Yannick
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    HAUTALA Heidi
    committees/2/shadows/4/mepref
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    4f1ac941b819f25efd000123
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    4f1c20beb819f267af00000a
    committees/2/shadows/4/name
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    JADOT Yannick
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    HAUTALA Heidi
    activities/0/docs/0/celexid
    CELEX:52017PC0014:EN
    activities/0/docs/0/celexid
    CELEX:52017PC0014:EN
    activities/3/date
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    2017-06-12T00:00:00
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    2017-06-01T00:00:00
    activities/3/date
    Old
    2017-05-17T00:00:00
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    2017-06-12T00:00:00
    activities/1/committees/2/shadows
    • group: EPP name: WINKLER Iuliu
    • group: ECR name: ZAHRADIL Jan
    • group: ALDE name: TAKKULA Hannu
    • group: GUE/NGL name: SCHOLZ Helmut
    • group: Verts/ALE name: JADOT Yannick
    • group: EFD name: BEGHIN Tiziana
    activities/2/date
    Old
    2017-04-25T00:00:00
    New
    2017-05-04T00:00:00
    committees/2/shadows
    • group: EPP name: WINKLER Iuliu
    • group: ECR name: ZAHRADIL Jan
    • group: ALDE name: TAKKULA Hannu
    • group: GUE/NGL name: SCHOLZ Helmut
    • group: Verts/ALE name: JADOT Yannick
    • group: EFD name: BEGHIN Tiziana
    activities/3
    date
    2017-05-17T00:00:00
    body
    EP
    type
    Indicative plenary sitting date, 1st reading/single reading
    activities/0/docs/0/text
    • PURPOSE: to provide macro-financial assistance to Moldova.

      PROPOSED ACT: Decision of the European Parliament and of the Council.

      ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

      BACKGROUND: relations between the European Union (EU) and Moldova continue to develop within the framework of the European Neighbourhood Policy (ENP) and the Eastern Partnership. The EU-Moldova Association Agreement, which includes the gradual introduction of a Deep and Comprehensive Free Trade Area (DCFTA), was signed in June 2014 and entered into force on 1 July 2016.

      Moldova's economy has been affected significantly by the political instability experienced in the period between the elections of November 2014 and January 2016, as well as by a banking fraud scandal, weak economic activity in the region, and import bans imposed by Russia. That situation contributed to producing a recession, a growing trade deficit and a significant decline of the foreign exchange reserves over the last year.

      In a context of political transition and economic difficulties, in July 2016 the Moldovan authorities and the International Monetary Fund (IMF) agreed on a three-year Extended Credit Facility and Extended Fund Facility (ECF/EFF) arrangement in the amount of USD 178.7 million. The arrangement was approved by the IMF Board on 7 November 2016.

      In view of the worsening economic situation and outlook, Moldova requested complementary macro-financial assistance (MFA) from the Union in August 2015 and reiterated that request in March 2016.

      The Union's indicative allocation for Moldova under the European Neighbourhood Instrument (ENI) is EUR 610-746 million, including budgetary support and technical assistance.

      Given that Moldova is a country covered by the ENP, it should be considered to be eligible to receive macro-financial assistance from the Union.

      The EUs macro-financial assistance is an exceptional emergency instrument aimed at addressing severe balance-of-payment difficulties in third countries.

      Given that there is still a significant residual external financing gap in Moldova's balance of payments over and above the resources provided by IMF and other multilateral institutions, the Union macro-financial assistance to be provided to Moldova is, under the current exceptional circumstances, considered to be an appropriate response to Moldova's request for support to the economic stabilisation, in conjunction with the IMF programme.

      CONTENT: the Union shall make macro-financial assistance of a maximum amount of EUR 100 million available to Moldova, with a view to supporting Moldova's economic stabilisation and a substantive reform agenda.

      The Commission proposes to provide the amount of the assistance in the form of a medium-term loan of up to EUR 60 million and in grants of up to EUR 40 million. The assistance will contribute to cover Moldova's residual external financing needs in 2016-18, as identified by the Commission based on the estimates of the IMF.

      The Commission is considering releasing the assistance in three instalments:

      • the first two instalments, composed each of a grant element of EUR 10 million and a loan part of EUR 20 million, would be disbursed in 2017;
      • the third one, composed of a grant element of EUR 20 million and a loan part of EUR 20 million, in the first half of 2018.

      Strict conditions will be attached to the disbursements under the MFA, with each tranche, including the first one, conditional on good progress with both the IMF programme and the specific policy conditionality agreed with the EU in the Memorandum of Understanding attached to this operation.

      Possible areas of conditionality could include reforms to strengthen governance in the financial sector, public finance management, energy sector reform, and accompanying measures to strengthen the social safety net, improving the investment climate and supporting the implementation of the Deep and Comprehensive Free Trade Area agreement (DCFTA).

      The proposed MFA would be made available for two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding. They Commission should regularly inform the European Parliament and the Council of developments relating to MFA.

      BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and a grant.

      The loan would be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary impact of the loan assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9% of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund").

      Assuming that the first two loan disbursements (of EUR 20 million each) will be made in 2017 and the third loan disbursement (of EUR 20 million) in 2018, the provisioning will take place in the 2019-2020 budgets, for an amount of EUR 3.6 million and EUR 1.8 million, respectively.

    activities/1/committees/0/date
    2017-01-30T00:00:00
    activities/1/committees/0/rapporteur
    • group: ALDE name: AUŠTREVIČIUS Petras
    committees/0/date
    2017-01-30T00:00:00
    committees/0/rapporteur
    • group: ALDE name: AUŠTREVIČIUS Petras
    activities/1
    date
    2017-01-19T00:00:00
    body
    EP
    type
    Committee referral announced in Parliament, 1st reading/single reading
    committees
    activities/2/committees
    • body: EP responsible: False committee_full: Foreign Affairs committee: AFET
    • body: EP responsible: False committee_full: Budgets committee: BUDG
    • body: EP responsible: True committee_full: International Trade committee: INTA
    activities/2/date
    Old
    2017-01-19T00:00:00
    New
    2017-04-25T00:00:00
    activities/2/type
    Old
    Committee referral announced in Parliament, 1st reading/single reading
    New
    Vote scheduled in committee, 1st reading/single reading
    committees/1/date
    2017-01-26T00:00:00
    committees/1/rapporteur
    • group: EPP name: MUREŞAN Siegfried
    committees/2/date
    2017-01-23T00:00:00
    committees/2/rapporteur
    • group: S&D name: MOISĂ Sorin
    activities
    • date: 2017-01-13T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2017/0014/COM_COM(2017)0014_EN.pdf celexid: CELEX:52017PC0014:EN type: Legislative proposal published title: COM(2017)0014 body: EC type: Legislative proposal published commission:
    • date: 2017-01-19T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee_full: Foreign Affairs committee: AFET body: EP responsible: False committee_full: Budgets committee: BUDG body: EP responsible: True committee_full: International Trade committee: INTA
    committees
    • body: EP responsible: False committee_full: Foreign Affairs committee: AFET
    • body: EP responsible: False committee_full: Budgets committee: BUDG
    • body: EP responsible: True committee_full: International Trade committee: INTA
    links
    other
      procedure
      dossier_of_the_committee
      INTA/8/08965
      geographical_area
      Moldova, Republic
      reference
      2017/0007(COD)
      instrument
      Decision
      legal_basis
      Treaty on the Functioning of the EU TFEU 212
      stage_reached
      Awaiting committee decision
      subtype
      Legislation
      title
      Macro-financial assistance to Moldova
      type
      COD - Ordinary legislative procedure (ex-codecision procedure)
      subject
      6.20.07 Macro-financial assistance to third countries