Background material
The Commission adopted in July 2005 the Community Strategic Guidelines on Cohesion 2007-2013. In the preparation of this document it was requested to do more in the field of sustainable investment in urban areas.
A report by the European Parliament of September 2005, "The urban dimension in the context of enlargement" addressed to the European Commission to reinforce actions for urban agglomerations and areas.
In November 2005, a conference with the regions and institutions on Financing growth and cohesion in the enlarged EU took place in Brussels. During this high-level conference a JESSICA-type cooperation between the European Commission and the internation financial institutions was presented and received widespread support.
In December 2005, at the Informal Meeting of Ministers in Bristol on sustainable communities requested a reflection on how to enhance the impact of EIB loans (Bristol Accord).
Study of the European Parliament’s Policy Department
Study of the European Parliament’s Policy Department (March 2007): the possibilities for success of the sustainable communities approach and its implementation
Leipzig Charter
Memorandum of Understanding
- Memorandum of Understanding in respect of a coordinated approach to the financing of Urban Renewal and Development for the Programming Period 2007-2013 of the Community Structural Funds between EC, EIB and CEB (May 2006).
JESSICA Preliminary Evaluation Study
The JESSICA Preliminary Evaluation Study was undertaken by the EIB between September and December 2006 on behalf of the European Commission (DG REGIO), in order to review the applicability and evaluate the potential of the JESSICA initiative. The study reviews urban renewal and development actions, indicating the key administrative processes, and discusses the existing financial vehicles for urban investment. It analyses potential market failures and how financial engineering actions and products could address perceived deficiencies. Also, it establishes the interest in using Urban Development Funds (UDFs) to channel such financial engineering actions.
EU Expert Working Group on JESSICA
At the Informal Ministerial Meeting on Urban Development and Territorial Cohesion in May 2007 in Leipzig, the Ministers welcomed the EU's JESSICA initiative and were of the opinion that an Expert Working Group, consisting of EU Member State representatives, should identify and resolve various issues regarding the implementation of JESSICA.
Among other matters, the Expert Working Group is looking at the value-added of revolving financing tools for urban regeneration, possible organizational structures and activities of urban development funds and general practical questions related to JESSICA implementation.
Chaired by the German Federal Ministry of Transport, Building and Urban Affairs (BMVBS) and supported by a research team, the Expert Working Group will periodically consult between September 2007 and November 2008. Its conclusions and recommendations as well as a research report on urban development funds will be presented under the French Presidency in November 2008.