Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-393-000"
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"en.20110913.34.2-393-000"2
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"Most industrialised countries, including all EU Member States and most emerging countries, have at least one officially supported Export Credit Agency (ECA). These agencies are the largest source of official financing for private sector projects. The underwriting of large industrial and infrastructure projects in developing countries exceeds the combined annual funding of all Multilateral Development Banks several times over. They 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 leeway 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. ECAs are potentially well placed public policy instruments to contribute to the financing of international objectives to which the EU has committed.
With the Lisbon Treaty comes a strengthened coherence requirement for the entire policy field of external action on the part of the EU. ECAs surely need to be judged against these objectives. In my opinion, it is right and proper to include in the Arrangement on Officially Supported Export Credits requirements that should encourage these agencies in the EU Member States to contribute towards the policies and objectives of the EU."@en1
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