Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-12-Speech-3-266-000"
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"en.20111012.19.3-266-000"2
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"Madam President, I will try to stand in for Sharon Bowles, although it will not be an easy task. She regrets that she cannot be here because she is currently in a meeting of the Conference of Committee Chairs with the College of Commissioners – at least one of whom is here – and, of course, the issues covered by the Committee on Economic and Monetary Affairs weigh heavily at this time.
This proposal, to increase the callable capital of the European Bank for Reconstruction and Development (EBRD), is another example of the ECON Committee working efficiently while still subjecting the matter to proper parliamentary scrutiny. The result is a far stronger text, which recognises the responsibility of the representatives of the EU shareholding in the EBRD and reinforces the reasons for, and the direction of, our involvement in this institution.
By way of background, the EBRD is the first international financial institution of the post-Cold-War period and was created to support the development of market economies in eastern Europe following the widespread collapse of communist regimes. Following the Arab Spring, the international shareholders of the EBRD decided to increase the callable capital so that the bank could extend its operations into countries such as Egypt.
Initially, the matter was considered non-controversial and the European Council did not amend the proposal. However, the committee decided that it wished to highlight and address in the text a number of issues, which have been successfully negotiated with the Council and Commission. These included emphasis on the fact that the Union’s representation in the EBRD governing bodies should encourage it to demonstrate consistency with the Europe 2020 objectives – in order to enhance the overall coherence of the Union’s external action policy – and on the importance of the EBRD publicly providing transparent information about beneficiaries and the impact of its financial intermediary operations.
Furthermore, as a result of the committee’s amendments, the Governor of the ERBD for the Union should now report annually to Parliament on the promotion of the Union’s objectives with regard to the EU’s external action policy, the Europe 2020 strategy and the significant increase in transfer to renewable, energy-efficient technologies. The Governor of the EBRD for the Union will also be required to report annually on the effectiveness of the existing system and on measures to ensure the transparency of EBRD operations through financial intermediaries.
A further aspect which required considerable negotiation in the trialogue was finding wording to best describe the characteristics and activities of tax havens. The ECON Committee was keen to request not only that the text should recognise the OECD definition, but also that some more specific characteristics of tax havens were recognised.
I hope that the EBRD will be able to use this additional callable capital to support its activities as it starts its work in Egypt and other countries following the Arab Spring."@en1
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