Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-03-24-Speech-2-369"
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"en.20090324.30.2-369"2
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"Mr President, thank you very much for this report and the chance to continue the discussion begun with the committee in November. It is timely and welcome in particular for three reasons.
Third, I take the European Parliament’s views as welcome input to the early stages of the EBRD’s fourth capital resources review which we will conclude at our annual meeting in Zagreb in May 2010.
The EBRD has taken a proactive stance in response to the crisis: supporting our clients in countries of operations, we are expanding our instruments, and aim to invest EUR 7 billion in 2009 – an increase of more than 20%.
At the same time, we have to acknowledge that our risk exposure is also increasing. The full implications of the current situation on our portfolio and on the development of our business cannot yet be clearly seen. Yet the importance of our partnership with the EIB and with the European Union in meeting our commitments, both to our shareholders and to our countries of operations, is clearer than ever.
First, the context of the financial and economic crisis renders any encouragement of greater cooperation between EBRD and EIB more relevant than ever. Yet the crisis also means that cooperation between public international financial institutions is no longer just a policy-driven aspiration but a vital necessity.
Faced with the dramatic decline in private flows of credit, we came together last month with the World Bank group to launch the joint IFI action plan in support of banking systems and lending to the real economy in central and eastern Europe.
This is a EUR 24.5 billion package over 2009 and 2010 of which the EBRD will contribute EUR 6 billion. The action plan recognises that an effective crisis response in Europe’s integrated financial markets requires fast and coordinated action by all stakeholders: parent banks which own a large part of the region’s financial sectors; important local banks; home and host country authorities of cross-border banking groups; European institutions and the IFIs. With this wide range of stakeholders we are working together to implement the plan and are developing the coordination and cooperation mechanisms to do so.
And we see – as we saw last August when faced with the conflict-driven banking crisis in Georgia – that this kind of IFI cooperation, born of need, is the kind that works best.
Second, under the aegis of the European Union, new structures of cooperation between EBRD and EIB offer great new opportunities for us to work together.
I refer in particular to the Western Balkans investment framework, now being launched, as well as to the Eastern Partnership announced by the European Council in recent days which will build on the good cooperation we have already established through our memorandum of understanding and the neighbourhood investment facility.
These initiatives, facilitated by EC funds, bring us together to work concretely on specific projects and programmes combining the strength of each institution and, as such, offer an excellent crucible in which to forge the development of our joint work.
I believe it is in this context that we may find divisions of labour, applications of joint expertise and the necessary mechanisms of cooperation, including common standards, which you have called for."@en1
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"Thomas Mirow,"1
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