Deeper European coordination agreed by leading European financial institutions and Commission
- Mar 1, 2011
Commissioner Rehn, President Maystadt and President Mirow have signed a Memorandum of Understanding to enhance cooperation between the European Commission, European Investment Bank Group and European Bank for Reconstruction and Development. Effective co-operation will support delivery of EU external policy objectives in partner countries. The tripartite Memorandum provides a structured mechanism to reinforce policy and operational dialogue between the three institutions and enable greater synergy between financial instruments.
The tripartite agreement will facilitate financing of projects in common countries of cooperation outside the EU, notably pre-accession countries, EU Eastern Neighbourhood countries, as well as the Russia Federation, Central Asia and Mongolia. The European Commission will play a key role in this process by chairing a Steering Committee to coordinate future collaboration.
In the aftermath of the financial crisis, EU partner countries face considerable challenges. The Memorandum of Understanding paves the way for both strategic and project based cooperation concerning climate change and energy security, as well as SME and infrastructure finance.
The Mid-Term Review of the EIB external mandate and EBRD’s Fourth Review of Capital Resources will also reflect on how to improve targeted activity. The agreement seeks to enhance the overall impact of respective operations whilst meeting both the needs of beneficiary countries and aspirations of institutions’ shareholders.
The European Commission, European Investment Bank and the European Bank for Reconstruction and Development worked closely together since the early 1990s. The new agreement replaces the existing December 2006 MoU on Cooperation in Eastern Europe and the Southern Caucasus, in Russia and in Central Asia and the January 2009 Accord in respect of Cooperation in Turkey.