Brussels, 04/07/2011 (Agence Europe) - On Monday 4 July, the European Commission adopted a legislative proposal modifying the regulation enshrining the macro-financial assistance of the European Union to neighbour third states struggling for cash resources. The aim of this text is to speed up the disbursement of funds and clarify which neighbour third countries of the EU are eligible for the mechanism.
Currently, all requests for macro-financial assistance are subject to a specific legislative procedure. This situation may cause “delays” between requests being made and the money becoming available, the Commission acknowledges in a press release. The entry into force of the Lisbon Treaty, which imposes a co-decision procedure in this area, is likely to increase these delays still further. In order to speed up the decision-making process in line with emergency situations, therefore, the Commission suggests that the granting of micro-financial assistance be validated by means of execution measures. A committee of member states would supervise the Commission's decision. “As is the case for the other external financial instruments of the EU”, the European institution stresses.
The legislative proposal also clarifies certain aspects related to the geographical scope of the EU's micro-financial assistance. (Potential) accession candidates, the countries covered by the European neighbourhood policy, including the three countries of the South Caucasus, and, exceptionally, other third countries which are “geographically close to the EU and which have close political and economic relations with the EU” will be eligible for the European mechanism. Since 1990, the EU has provided macro-financial assistance worth €7.4 billion for the benefit of 23 countries. (M.B./transl.fl)