Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-268-546"
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"en.20110405.13.2-268-546"2
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"Most industrialised countries, including all EU Member States, have at least one officially supported Export Credit Agency (ECA), and these collectively account for the world's largest source of official financing for private-sector projects. The collective magnitude of the export credit guarantees provided in the period 2004-2009 by the ECAs of the EU Member States alone was in the range of EUR 468 billion. ECAs facilitate legitimate trade where the private capital market fails. They have a much higher risk-absorbing capacity than private actors, since they do not have to pay taxes and make profit, and hence have more lee-way to break even on an extended credit than private banks. However, for the same reason ECAs are also potentially a massive distortion of trade, if their financing operations are not disciplined by common rules. Although ECAs are an important instrument to support trade and investments of European companies, it is necessary to ensure that their operations are financially sound, and they do not need to turn to the tax payer for re-financing their operations. I agreed with the report and the requirement to submit annual reports to the European Commission and the European Parliament, because currently there is very little data showing what ECAs finance or have financed in the past, and some national ECAs do not even report the overall balance of their annual operations regularly, which violates the principles of transparency."@en1
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