Brussels, 08/11/2011 (Agence Europe) - The EU will finally be able to incorporate into its legislation the guidelines of the OECD arrangement on officially supported export credits, revised in 2005. On Tuesday 8 November, the Council adopted a regulation approving the text, prior to its being examined by the European Parliament (see EUROPE 10451).
Export credit is an important element in the promotion of international trade. The EU, as a party to the OECD arrangement, plays a major part in Paris-based OECD efforts to ensure a level playing-field at international level by regulating the financial terms and conditions that export credit agencies may offer. Export credit agencies are financial institutions which grant trade credits, in the form of guarantees, loans and insurance, to national companies to promote their exports.
The regulation adopted, which replaces Decision 2001/76/EC, permits the European Commission to adopt delegated acts to incorporate future changes to the OECD guidelines into EU law. The regulation also requires member states to send annual activity reports to the Commission in order to increase transparency at the EU level. (EH/transl.rt)