European finance ministers recognised the need to streamline the European financial architecture for development in order to increase its impact and visibility, on Thursday 10 October, during a debate based on the recommendations of the ‘Wieser’ Group report (see EUROPE 12344/10).
The Wieser group suggests three options for changing this European financial architecture: - increase the EBRD's resources by transferring part of the EIB's operations to it; - create a specific subsidiary within the EIB; - create a common structure between the EIB and the EBRD.
"There is widespread recognition that things need to change, but there is still no certainty about what direction this change should take", Mr Wieser noted, presenting the report's findings.
During the debate, several ministers considered that Africa should be the geographical priority for financial interventions by Europeans outside the EU and that the fight against climate change should be the first thematic priority.
Not surprisingly, the EBRD and the EIB prefer the option that would benefit one over the other, while the hybrid option does not seem to appeal to Member States.
France, supported by the United Kingdom, clearly supported the option of increased EBRD involvement. The London-based bank has real know-how, but this option requires a significant strengthening of shareholding in a period of budget shortages, noted a diplomatic source.
"We are not ready to take a decision on institutional options", but I note "a clear willingness" to work quickly on this issue in order to seize the opportunity of the new institutional cycle, said Finnish Finance Minister Mika Lintilä at the end of the debate.
Work will continue at EU Council expert level with the aim of reaching specific conclusions in December. (Original version in French by Mathieu Bion)