Magazine article Europe-East

Mff/external Relations : Eu Revamps Rules for Macro-Financial Assistance to Third Countries

Magazine article Europe-East

Mff/external Relations : Eu Revamps Rules for Macro-Financial Assistance to Third Countries

Article excerpt

The European Commission wants to distribute its macro-financial assistance (MFA) to third countries "faster" and in a more "effective" manner, according to a statement issued by the EU executive. To this end, Olli Rehn, the commissioner for economic and monetary affairs, tabled, on 4 July, a proposal for a new regulation on the MFA to be applied during the Union's next multiannual financial framework (MFF - 2014-2020). The MFA's aim is to help the countries aspiring for EU membership and those participating in the European Neighbourhood Policy (ENP) to deal with their balance of payments or budget difficulties.

"The EU's macro-financial assistance has made a valuable contribution to macroeconomic stability in candidate, potential candidate and neighbourhood countries, with positive spill-over effects on the EU economy. Therefore it is important to further strengthen the MFA operations and enhance the effectiveness of this crisis instrument," Rehn said in a statement.

To this end, he proposed that in the future all decisions on granting MFA to third countries be taken though implementing acts of the Commission under the supervision of the Committee of Permanent Representatives (Coreper). This would replace the complex and time-consuming co-decision procedure that involves all three institutions (Commission, Council and Parliament). "Such a swifter decision making process should render the instrument better able to help beneficiary countries withstand short-term external financial pressures," the Commission said. …

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