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EIB Information 3-2002 (N°112)

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EIB Information 3-2002 (N°112) - EIB Information3 - 2002 • N° 112 ISSN 0250-3891 EIB ForumEIB 2002 The EIB’s “Countdown to EU new Euro- Eastward Enlargement“ Mediterranean financial Vienna, partnership 7 and 8 November At a meeting held in Barcelona on 18 October 2002 at the 2002 VIENNA Each year, the EIB holds EIB’s initiative, the Finance a Forum with invited guests Ministers of the 15 EU Member States and 12 Mediterranean from the worlds of politics, Partner Countries (MPC) banking and business. launched the Bank’s new With the enlargement Facility for Euro-Mediterranean negotiations reaching their Investment and Partnership peak in Copenhagen in (FEMIP). see article page 6 December 2002, this year’s Forum on the «Countdown to EU Eastward Enlargement» was particularly topical and raised a lot of attention. From top to botton: - Philippe Maystadt - Pat Cox and Karl-Heinz Grasser - Robert Guillaume, Herbert Stepic, Wolfgang Roth, Alessandro Profumo, Terence Brown European and Karl-Peter Wilhelm Parliament Resolution on the EIB Annual Report 2001 On 21st November 2002, for the third year in succession, the European Parliament discussed a report on the EIB by Parliament’s Committee for Economic and Monetary Affairs. Mr Philippe Maystadt, President of the EIB, attended the debate, as did Commissioner Mario Monti. see article page 14 2002 VIENNA “The Accession Countries have from enlargement. Commis- pointed out that Austrian Contents merited EU membership”. EU sioner Verheugen was con- companies had committed TCommissioner Günter Ver- vinced that the political mo- themselves vigorously to the heugen told the 550 guests at mentum for enlargement was Accession Countries, adding EIB Forum 2002 the EIB Forum that the Acces- unstoppable and that the EU that he expected Austria to “Countdown to EU sion Countries had already ac- summit in Copenhagen in De- share especially in the above- Eastward Enlargement” 2 complished supreme social, cember would be a success. average economic growth an- Central European political and economic efforts The decisive test for European ticipated there in the coming flood relief programme 5 and that the successful transi- solidarity would then come in decades. He also stressed the tion to democracy, constitu- 2003 when, after the antici- need for structural economic The EIB’s new Euro-Mediterranean tionality and a market econ- pated positive decision by the reforms in the current EU financial partnership 6 omy in the space of just ten European Parliament, the en- Member States as well as, par- years had been anything but a largement treaty would have ticularly, for EU institutional EIB financing for foregone conclusion. Given to be ratified by the 25 na- reforms to ensure that deci- water sector projects 9 that the Accession Countries tional parliaments or through sion-making mechanisms con- European Parliament had to date borne by far the referenda. The Commissioner tinued to work efficiently in a Resolution on the heaviest burden for successful joined Pat Cox, President of 25-member Union. His Dutch EIB Annual Report 2001 14 enlargement, it was now up to the European Parliament, in counterpart, Finance Minister EIB Group in 6th R&D the 15 EU Member States to urging that a committed social Hans Hoogervorst, was more Framework Programme 16 demonstrate generosity and debate be initiated immedi- emphatic, pleading for better flexibility in the remaining de- ately to counter people’s fears preparations for enlargement EIB revises its Public cisions – all the more so be- and convince them of the op- on the part of the current 15 Information Policy 18 cause they stood only to gain, portunities offered by en- Member States, and specifi- Additional EIB premises in politically and economically, largement for Europe as a cally criticising both the Com- Luxembourg-Hamm 19 whole, at the same time mak- mon Agricultural Policy and President’s visit to ing it clear that failure to ex- the regional and structural the New York pand the EU would be disas- policies – by far the largest Stock Exchange 20 trous for the Accession items of expenditure in the EU Countries, and, for the present budget. EU financial resources Member States, would mean had to be deployed more effi- Günter Verheugen, foregoing stable political rela- ciently, with less being Member of the tions with their eastern neigh- pumped around prosperous European Commission, bours as well as economic countries and more being responsible for Enlargement growth. Commissioner Ver- spent where it was most ur- heugen also emphasised that gently needed. This would be Romania and Bulgaria would particularly vital in an en- receive special support to pre- larged EU. pare for their subsequent ac- cession in 2007, and that only Hungarian Finance Minister after they had joined the EU Csaba László confirmed that Pat Cox, President would the current enlarge- his Government would con- of the European Parliament ment process be complete. tinue to steer its present course, with a policy aimed EIB President Philippe Maystadt chiefly at promoting stability had opened the Forum and while at the same time offer- highlighted the main aspects ing foreign investors specific of the Bank’s activity in the economic incentives consis- Josef To‰ovsk˘, Chairman of the Financial Accession Countries: under- tent with EU parameters, in Stability Institute, pinning infrastructure, re- order to spur economic mod- Switzerland gional development and, in ernisation. Former Governor particular, foreign direct in- of the Czech National Bank vestment as a means of bring- Josef Tosovsky observed that ing in both capital and expert- European Economic and ise to the Accession Countries, Monetary Union was part of so providing decisive impetus the “acquis communautaire“; for the modernisation of their hence the question for the Ac- Karl-Heinz Grasser, economies. Austrian Finance cession Countries was not Minister of Finance, Austria Minister Karl-Heinz Grasser whether, but solely when, EUROPEAN INVESTMENT BANK EIB Forum 2002 “Countdown to EU Eastward Enlargement” they should join the euro zone. to completion of the reforms that Weighing the pros and cons of still lay ahead. Enlargement repre- early or later membership, he sented the greatest opportunity pointed out that the euro was at for ensuring security, trust, soli- least as important to Central and darity and progress. Directly hitch- Eastern Europe as the US dollar was ing Poland’s star to Europe, the to the current EU Member States: President declared: “We believe he therefore argued in in Europe, we believe in favour of early introduc- our future.” Poland had Success tion of the euro. The Ac- made considerable eco- achieved so Csaba László cession Countries were nomic headway and after 12 far is well prepared for the years of economic liberalisa- a stimulus to euro: in particular they tion was fit to compete in completion of were structurally flexible, the European internal mar- the reforms with versatile labour mar- ket. The Polish economy was that still lay kets for example, and now in a position to take ad- ahead. were thus in a position to vantage of the internal mar- Aleksander assert themselves compet- ket, all the more so if foreign Kwasniewski, itively even as members of a com- direct investment continued to con- Philippe Maystadt mon currency zone. Mugur Is- tribute to economic modernisation and Michael arescu, Governor of the National on a sustainable basis. Häupl Bank of Romania, maintained that his country was definitely on course On day two, the Forum turned to to join the EU in 2007. The key re- more practical issues of how the Ac- quirement in the next few years cession Countries could accelerate would be rapid modernisation of the economic catching-up process. Karl-Peter Wilhelm, infrastructure, especially through The first session focused on the Philippe extensive foreign borrowing, as need for infrastructure and the rel- Maystadt, Karl-Heinz infrastructure shortcomings repre- evant sources of finance available. Grasser and sented the crucial hurdle for Ro- Miron Tudor Mitrea, Romania’s Günter mania in terms of economic Transport Minister, outlined his Verheugen growth and inclusion in the inter- country’s infrastructure plans, held national division of labour. Brigita out the prospect of legislation to Schmögnerová, Executive Secretary promote public-private partnership of the UNECE and former Slovak Fi- models for infrastructure develop- nance Minister, congratulated the ment, and left his audience in no EIB on its long-term policy perspec- doubt about the EIB’s important tive, notably on having launched its role in Romania’s preparations for activity in the Accession Countries accession. Ewa Freyberg, Secretary as long ago as 1990 before there of State in the Polish Ministry of Wolfgang was any talk of their joining the EU. Economy, emphasised the crucial Schüssel and She recommended that the Euro- importance of high- Wolfgang Roth pean Commission and the Bank quality infrastructure consider ways of promoting stabil- for growth, foreign di- ity in the enlarged EU’s new eastern rect investment, domes- neighbours, i.e. in Russia, Belarus, tic labour mobility and, Ukraine and Moldavia, as well as especially, balanced strategically important Turkey. regional development. She agreed that rapid Polish President Aleksander Kwas- infrastructure develop- niewski reminded Forum guests at ment could be achieved an evening event in Vienna’s his- toric city hall of the division of Eu- rope prior to 1989 and the substan- Brigita Schmögnerová, Csaba László, tial progress that had been Francis Mayer, accomplished in all areas in a rela- Johannes Franciscus Hoogervorst, tively short space of time. Success Mugur Isarescu achieved so far would be a stimulus and Josef To‰ovsk˘ - page 2002 VIENNA only through recourse to external temper the optimism of the assem- plained the reasons that had financing, particularly ISPA re- bled Accession Countries’ Transport prompted VW AG to invest in Slo- sources, support for the new EU Ministers: he claimed that their vakia and outlined the actual ben- Member States from the future plans were too ambitious and esti- efits, especially lower wages for structural funds and EIB loans.
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