European Parliament
Georgios Papanikolaou  (PPE ),
in writing.
(EL)
The EU has been providing macro-financial assistance (MFA) since 1990 to third countries facing short-term balance-of-payment problems. So far, over 20 countries have received assistance in the form of loans or grants totalling in excess of EUR 7 billion. However, the European Parliament recently asked for a specific framework regulation for MFA and the Commission responded to that request which, among other things, calls for the creation of an official legal instrument and a more effective and rational decision-making procedure in this sector. However, the Commission proposal has a number of omissions and confuses certain actions, for example by allowing the IMF to be involved in such actions to the point at which it basically demotes the EU to a supplementary role. This report highlights these points, which is why I voted in favour of it.

