Brussels, 15/10/2003 (Agence Europe) - On Wednesday, the Eu ropean Commission adopted two Council communications, one suggesting a series of measures for strengthening relations with the Mediterranean countries, the transformation of the parliamentary forum into a parliamentary advisory assembly (see below), and the creation of a Euro-Mediterranean Culture Foundation and of a bank, an EIB subsidiary. The creation of this bank is the subject of a second communication, based on an impact assessment study also made public. The Commission affirms on this subject that it has chosen between two solutions: keeping the current line - the investment and partnership facility (FEMIP) - created in October 2002 and managed by the EIB or evolution toward a structure of an external kind. The last solution was chosen, to be presented to the Council in coming days. A meeting for FEMIP review was scheduled one year after its implementation and, in order to take the reticence expressed by several Member States into account, the Commission chooses the creation of a subsidiary whose capital will be restricted, in addition to the European Investment Bank, only to the countries engaged in the Barcelona process, namely the EU plus its southern and eastern Mediterranean rim partners.
In order to strengthen the Barcelona process, in addition to the envisaged creation of a parliamentary assembly, a foundation for dialogue of cultures and a banking subsidiary, the Commission also suggests consolidating the Euromed free trade area project to tackle the services and farming sectors and, above all, in this last area, to fix the goal of gradual trade liberalisation. An impact assessment study is under way. EUROPE will come back to the two communications in more detail.