The European Commission adopted Monday a proposal for a Framework Regulation aimed at facilitating macro-financial assistance (MFA) to third countries experiencing balance-of-payments difficulties.
According to a statement issued by the commission, the proposed Framework Regulation aims to make MFA faster and more effective by laying down key rules governing MFA in a formal legal act and speeding up decision-making for individual MFA operations.
"EU's macro-financial assistance has made a valuable contribution to macroeconomic stability in candidate, potential candidate and neighbourhood countries, with positive spill-over effects on the EU economy," said Olli Rehn, Commissioner for Economic and Monetary Affairs.
"Therefore it is important to further strengthen the MFA operations and enhance the effectiveness of this crisis instrument," he said.
Since the launch of the MFA in 1990, altogether 55 MFA decisions has been made benefiting 23 countries, with a total commitment amounting to 7.4 billion euros (10.7 billion dollars).
However, Monday's statement acknowledged that the case-by-case legislative decision and co-decision between the European Parliament and the European Council have "tended to reduce the effectiveness and transparency of the MFA.
The proposed Framework Regulation will speeds up the decision-making for individual MFA operations by granting eligible third countries MFA through an implementing act of the Commission under the supervision of a committee of Member State representatives, the statement said.
A swifter decision-making process could help beneficiary countries better withstand short-term external financial pressures.
The proposed Framework Regulation still needs approval from European Council and European Parliament before formally taking effect.
Editor: Mu Xuequan
English.news.cn 2011-07-05 05:49:19 FeedbackPrintRSS
BRUSSELS, July 4 (Xinhua)
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