Member States’ export credit practices are increasingly converging, both to combat climate change and corruption, according to a report published by the European Commission on Monday 3 August.
Export credits are insurance, guarantee or financing arrangements enabling a foreign buyer of goods or services exported by a Member State to defer payment for a certain period of time.
On the basis of 21 national reports, the European Commission notes that there are still wide disparities, particularly as regards the nature of the export credit body (sometimes an agency or public prosecutor’s office, sometimes an insurance company) and its scope of action.
However, in general, the institution observes that practices are becoming increasingly “similar”, particularly in terms of underwriting, but also in terms of environmental standards (although interpretations are sometimes “broad”), the fight against corruption, and support for low-income countries.
The institution also welcomes the fact that Member States sometimes go beyond the common OECD approach and exchange best practices and evaluation methods among themselves.
For more information: https://bit.ly/2PmfRsJ (Original version in French by Pascal Hansens)