On Thursday, 22 July, the European Commission launched a public consultation inviting all interested parties to comment on a proposal to revise the Short-Term Export-Credit Insurance Communication (STEC).
Interested parties can respond to the consultation during a period of 9 weeks—that is, until 23 September 2021.
Export credits allow foreign buyers of goods and services to defer payment. This payment deferral implies credit risk for the sellers—a risk against which they insure themselves (export-credit insurance).
The rules set out in the communication will help ensure that State Aid does not distort competition between private export-credit insurers and public or state-supported export-credit insurers and will help create a level playing field among exporters.
Due to the Covid-19 pandemic, the European Commission approved a temporary derogation that applies until 31 December 2021 (see EUROPE 12456/3).
In parallel, the Short-Term Export-Credit Insurance Communication expires on 31 December 2021.
The proposed revision envisages only a small number of mainly technical amendments:
- the communication would continue to apply beyond 2021;
- the total annual export turnover threshold would be raised from €2 million to €2.5 million;
- Member States would be required to publish the annual reports on risks that are considered non-marketable and covered by public insurers; and
- the European Commission would continue to publish decisions about the list of marketable risk countries on its website and in the Official Journal. The adoption of the new communication is scheduled for the last quarter of 2021.
For more information: https://bit.ly/3wVgVHC (Original version in French by Lionel Changeur)