DOCSLIB.ORG

EU Financing for Next Decade Beyond the MFF 2021-2027 and the Next Generation EU

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EU Financing for Next Decade Beyond the MFF 2021-2027 and the Next Generation EU EU Financing for Next Decade Beyond the MFF 2021-2027 and the Next Generation EU EDITED BY Brigid Laffan Alfredo De Feo European University Institute, Florence, Italy © European University Institute, 2020 Editorial matter and selection © Brigid Laffan and Alfredo De Feo, 2020 Chapters © authors individually 2020. This text may be downloaded only for personal research purposes. Any additional reproduction for other purposes, whether in hard copies or electronically, requires the consent of the Robert Schuman Centre for Advanced Studies. If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the year and the publisher. Views expressed in this publication reflect the opinion of individual authors and not those of the European University Institute. Published by European University Institute (EUI) Via dei Roccettini 9, I-50014 San Domenico di Fiesole (FI) Italy ISBN:978-92-9084-935-3 doi:10.2870/750252 Contents Abstract i Forward iii Brigid Laffan Introduction v Part 1. The Multiannual Financial Framework: a driver of reform xv The Multiannual Financial Framework 2021-2027: Ambition or Continuity? Alfredo De Feo 1 The Awakening of the Sleeping Beauty? Alain Lamassoure 15 The Dual Nature of the EU Multiannual Financial Framework Stefan Lehner 21 The MFF Process and Global Challenges Pier Carlo Padoan 43 Innovations in Financing the EU Wilhelm Molterer 53 The Importance of Own Resources in The EU Budget Ivailo Kalfin 61 How and Why Did the European Parliament Influence the Reform of the Own Resources System? Anne Vitrey 71 Improving the Effectiveness of EU Policy: the Challenge of Auditing the 2021-2027 MFF James McQuade 89 Part 2. Shaping EU Policies Toward 2030 99 The Reinforced Conditionality Approach of the 2021-27 MFF Viorica Viță 101 The Budgetary Impacts of the Common Agricultural Policy Alan Matthews 115 Cohesion and Stabilisation in the Future MFF László Andor 127 Cohesion, Values and Natural Resources – Pld Policies or Perspectives for All Regions of Europe? Reimer Boege 139 Climate Action: A Policy With the Potential to Redefine the EU Budget Alessandro D’Alfonso 145 Reactions to the Commission’s Proposals on the Financing of Migration and Foreign Policy. Ferdinando Nelli Feroci 159 EU Migration Policy: Will More Money Solve Old Conflicts? Florian Trauner 167 EU Funding for External Action.The Evolution of Governance and Prospects for the Next Decade Myriam Goinard 177 Part 3. MFF 2021-2027: The Transnational Challenges – the Euro, the Green Deal, Covid-19 189 Euro Area Macroeconomic Stabilisation and the EU budget: A Primer Johannes Lindner & Sander Tordoir 191 Building a Euro-area Budget Inside the EU Budget: Squaring the Circle? Grégory Claeys 219 A Relevant MFF in the Long Term: Innovative Yet Feasible Reforms Marta Pilati and Fabian Zuleeg 231 Maximising Innovation Funding in the EU’s Next Long-term Budget Eulalia Rubio 241 Strengths and Weaknesses of the EU Budget Flexibility ‘toolbox’ Magdalena Sapala 253 Innovation Investments for the Future Leena Sarvaranta 267 An Innovative Financing Mechanism to Boost Sustainable Development Carla Montesi 281 A Package Deal to Exit From Net Balances in the EU Budget Giacomo Benedetto 293 Innovative Options for a Sustainability-oriented Reform of the EU Own Resources System Margit Schratzenstaller and Alexander Krenek 307 The MFF 2021-2027: A Game Changer? Alfredo De Feo 323 Abbreviations 345 Biographies 349 Programme 365 i Abstract This edited volume on the EU Multiannual Financial Framework 2021- 2027 is the outcome of an initiative by the Robert Schuman Centre for Advanced Studies at the European University Institute of Florence. In mid-October 2019, academics, think tankers, practitioners and experts in European finance and politics discussed how to improve the Multian- nual Financial Framework for the next decade. The discussion was both conceptual and policy-relevant. It was therefore not limited to the MFF but also reflected on the objectives and needs of major EU policies. This discussion was timed to coincide with the renewal of the 2021-2027 MFF, which was being negotiated by the EU institutions. Subsequently, events changed the timeline. The arrival of the Von der Leyen Commission added a new dimension to the initial proposal (May 2018) by adding the Green Deal, and later, following the pandemic crisis, another new layer: Next Generation EU, which created the exceptional opportunity for the Commission to borrow capital on the financial market and offer it to the Member States partly in grants and partly in loans. The contributions gathered in this edited volume go beyond the situation in mid-October and take into account the severe impact that Covid-19 has had on the European economies, and in particular the new proposals by the Commission of May 2020 and the European Council agreement of July 2020. Therefore, the present volume offers a global comment on all the issues touched by the MFF and Next Generation EU (NGEU), highlighting the potentialities of the new situation. It provides insights into the ideas of key actors and experts on the practical functioning of the MFF and their reflections on its future development. A common thread links all the chapters: how the MFF and NGEU can drive reform to make the European Union more resilient to face the new challenges of the next decades. The reader can navigate through the three sections of the book. The first is rich in ideas on how to enhance the MFF as a governance tool which could drive reforms of the EU. The second part focuses on the impact of long-term planning on the most relevant EU policies. The authors highlight current challenges and offer their views on how to make policies more efficient. Finally, the third part presents ideas on how to introduce innovation in the financing of the European Union with additional creative financial tools. iii Foreward Brigid Laffan1 The EU is frequently classified as a regulatory state and there is no doubt that law and regulation plays a central role in EU governance. That said, the budgetary politics of integration have been vital in promoting and sustaining European governance. The internal market project was accom- panied by a major change in the EU budget with a doubling of funds des- tined for Europe’s poorer regions. The budgetary bargain of 1988, known as the Delors 1 package, initiated a Multi-annual Financial Framework (MFF) that persists to this day. This volume analyses the MFF for the forthcoming period 2021-2027. The analysis began with a Workshop at the European University Institute (EUI) in October 2019 on the MFF and the funding demands of big EU programmes. No-one at the Workshop could have envisaged how quickly the budgetary politics of the Union would change in the first half of 2020. Covid 19, which hit Europe in February 2020, dramatically altered the conditions and outcome on the next funding period. In February 2020, the European Council struggled to agree a financial framework but by July was agreement on the MFF and a Recovery Fund, Next Genera- tion Europe. The agreement included the issuance of common debt to support economic and social recovery and build a post-Covid political economy. This was a seminal moment, a game changer, in the finances of the European Union. This edited volume provides an in-depth assess- ment of the MFF and the major policy fields and provides a framework for thinking about reform and innovation in the EU budget. The next decade will be pivotal for the finances of the Union as the potential for enhanced budgetary resources and common debt will depend on how effectively the resources of Next Generation EU are used 1 Director Robert Schuman Centre for Advanced Studies iv Foreword to invest in Europe’s recovery and future. In addition to the question of the effective use of EU funding, the issue of rule of law breaches in a number of member states became part of the political agenda. The Council and European Parliament finally reached agreement in November 2020 on this highly divisive and contested issue, the conditionality that should be attached to EU funds in the member states. The Union has struggled to find effective mechanisms to counter act the deterioration of the rule of law in a number of member states, notably Hungary and Poland. Given the increase in financial resources it is imperative for the legitimacy of the process that the Union has a robust mechanism to enable it to cut EU funding in the event of breaches of the rule of law that might effect the financial interests of the Union. I would like to thank all of the authors for their participation in the October 2019 Workshop and their contributions to this volume. A spe- cial thanks to Alfredo De Feo, a Fellow of the Schuman Centre, without whom the Workshop and book would not have materialised. My thanks also to the staff of the Schuman Centre, especially Giorgio Giamberini who formatted the volume. v Introduction This edited volume on the EU 2021-2027 Multiannual Financial Frame- work is the outcome of an initiative by the Robert Schuman Centre for Advanced Studies at the European University Institute of Florence. It gathered a mixture of academics, think tankers, practitioners and experts in European finance and politics. The workshop was held in mid-October 2019, about 18 months after the ‘outgoing’ Commission had presented its proposals for the MFF and the accompanying legislation and about three months after the appoint- ment of the new president of the Commission and before the entire col- lege formally took office on 1 December. The workshop therefore took place in the middle of the political debate on financing and policy choices, and the participants’ contribu- tions were rich in ideas, suggestions and criticisms that go well beyond the current debate and will continue to be a source of inspiration for the future.
Load more

Recommended publications
  • Crisis in the Eurozone Pdf Free Download
    CRISIS IN THE EUROZONE PDF, EPUB, EBOOK Costas Lapavitsas | 268 pages | 09 Nov 2012 | Verso Books | 9781844679690 | English | London, United Kingdom Crisis in the Eurozone PDF Book For example, a crisis in one country could force eurozone banks to sell that nation's debt, leaving domestic banks unable to cope. The European Central Bank is being a watchdog here and Banks in Bulgaria have been given time to create additional capital buffers till April Retrieved 11 July Retrieved 11 February Archived from the original on 4 December Comparative Political Studies. As of January , a group of 10 central and eastern European banks had already asked for a bailout. Federal Union. The major disagreements and clashes started Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt since early The Lisbon Council. The Balance uses cookies to provide you with a great user experience. Archived from the original PDF on 9 February In mid, due to successful fiscal consolidation and implementation of structural reforms in the countries being most at risk and various policy measures taken by EU leaders and the ECB see below , financial stability in the eurozone has improved significantly and interest rates have steadily fallen. In the idea was picked up by the European Central Bank. The 7-point plan followed an intergovernmental treaty approved on December 9, , where EU leaders agreed to create a fiscal unity parallel to the monetary union that already exists. Advanced Manufacturing Clusters in various nations will greatly help, but understanding of global-age expansion of value offerings with fine production is a new art and commercialization to nations a new science.
    [Show full text]
  • Departure from the Schengen Agreement Macroeconomic Impacts on Germany and the Countries of the European Union
    GED Study Departure from the Schengen Agreement Macroeconomic impacts on Germany and the countries of the European Union GED Study Departure from the Schengen Agreement Macroeconomic impacts on Germany and the countries of the European Union Authors Dr. Michael Böhmer, Jan Limbers, Ante Pivac, Heidrun Weinelt Table of contents 1 Background Information 6 2 Methodological approach 7 3 Results 9 4 Further costs of departure from the Schengen Agreement 13 Further economic impact 13 Political impact 14 Social significance 14 5 Conclusion 15 Literature 16 Imprint 18 5 1 Background Information The Schengen Agreement entered into force in 1995 and of checks at EU internal borders, on Germany and other EU today it is comprised of 26 states. This includes all European countries, as well as for the European Union as a whole. The Union members with the exception of the United Kingdom, evaluation period extends to the year 2025. Ireland, Romania, Bulgaria, Cyprus and Croatia, as well as the non-EU countries of Norway, Iceland, Liechtenstein and Switzerland. The agreement provides for the abolition of the requirement to check persons at internal borders within the Schengen area. The Convention Implementing the Schengen Agreement also regulates the standardisation of entry and residency requirements, as well as, the issuing of visas for the entire Schengen area. At the time, police and judicial cooperation measures were also agreed upon, in addition to asylum provisions. In the wake of sharply rising refugee movements into Europe, a partial restoration of border controls has been implemented. European Union countries have seen a significant increase in asylum seekers.
    [Show full text]
  • Mr Josep Borrell Vice-President of the European Commission High Representative of the Union for the CFSP Rue De La Loi 170 1000 Brussels
    Mr Josep Borrell Vice-President of the European Commission High Representative of the Union for the CFSP Rue de la Loi 170 1000 Brussels Brussels, 16th April 2021 Dear Mr. High Representative; Mr Vice-President of the Commission: A delegation from the illegitimate National Assembly of the Bolivarian Republic of Venezuela, which emerged from the electoral farce organised on 6th December 2020 by the regime of Nicolás Maduro, recently paid a visit to Brussels and was officially received by the institution you lead. According to a statement you made on behalf of the European Union on 6th December, this spurious process took place in the absence of electoral conditions that could have guaranteed its credibility, without any respect for political pluralism, and in an atmosphere of persecution and disqualification of democratic leaders whose legitimate rights were curtailed. Your statement concludes that such circumstances could not consider this process credible, inclusive, and transparent and therefore the results did not represent the will of the Venezuelan people. That initial statement was confirmed on 6 January of this year by a new declaration, in similar terms to those expressed on 6 December, and by the conclusions of the Foreign Affairs Council of 25 January. These reiterated the lack of recognition of the electoral process and regretted the behaviour of the authorities of the Maduro regime, whose actions are preventing a solution to the serious crisis in Venezuela. We were surprised and gravely concerned to learn that on 14th April, at your request, senior officials of the European External Action Service received the aforementioned delegation, comprising Iris Varela, Pedro Carreño and Desirée Santos Amaral, at the EEAS headquarters.
    [Show full text]
  • Atti Parlamentari Della Biblioteca "Giovarmi Spadolini" Del Senato L'8 Ottobre
    SENATO DELLA REPUBBLICA XVII LEGISLATURA Doc. C LXXII n. 1 RELAZI ONE SULLE ATTIVITA` SVOLTE DAGLI ENTI A CARATTERE INTERNAZIONALISTICO SOTTOPOSTI ALLA VIGILANZA DEL MINISTERO DEGLI AFFARI ESTERI (Anno 2012) (Articolo 3, quarto comma, della legge 28 dicembre 1982, n. 948) Presentata dal Ministro degli affari esteri (BONINO) Comunicata alla Presidenza il 16 settembre 2013 PAGINA BIANCA Camera dei Deputati —3— Senato della Repubblica XVII LEGISLATURA — DISEGNI DI LEGGE E RELAZIONI — DOCUMENTI INDICE Premessa ................................................................................... Pag. 5 1. Considerazioni d’insieme ................................................... » 6 1.1. Attività degli enti ......................................................... » 7 1.2. Collaborazione fra enti ............................................... » 10 1.3. Entità dei contributi statali ....................................... » 10 1.4. Risorse degli Enti e incidenza dei contributi ordinari statali sui bilanci ......................................................... » 11 1.5. Esercizio della funzione di vigilanza ....................... » 11 2. Contributi ............................................................................ » 13 2.1. Contributi ordinari (articolo 1) ................................. » 13 2.2. Contributi straordinari (articolo 2) .......................... » 15 2.3. Serie storica 2006-2012 dei contributi agli Enti internazionalistici beneficiari della legge n. 948 del 1982 ..............................................................................
    [Show full text]
  • Which Lender of Last Resort for the Eurosystem?
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Steiger, Otto Working Paper Which lender of last resort for the eurosystem? ZEI Working Paper, No. B 23-2004 Provided in Cooperation with: ZEI - Center for European Integration Studies, University of Bonn Suggested Citation: Steiger, Otto (2004) : Which lender of last resort for the eurosystem?, ZEI Working Paper, No. B 23-2004, Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI), Bonn This Version is available at: http://hdl.handle.net/10419/39595 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially
    [Show full text]
  • Euro Aggregate
    Investment Highlights 2Q 2021 Euro Aggregate Performance Review Global Bond and Currency Returns Euro Aggregate portfolios outperformed their benchmarks Country 9 7.1 in 2Q21: 6 3.1 Overweight exposures to corporate bonds and hard 3 2.2 2.5 0.4 1.1 1.3 currency EM bonds were positive. 0 -0.6 -0.6 -0.4 -0.4 -0.3 -0.2 Total Returns (%) Total -3 An opportunistic allocation to US and Australian Govt Year Bond 7–10 France Italy Germany Spain Mexico Poland Japan UK China* Australia US Indonesia*S. Africa* duration added to returns. Sector A flattening of global yield curves was beneficial. 3.0 EU UK US EM Tactical positioning in inflation-linked bonds added 1.7 1.9 1.7 2.0 1.5 1.2 0.9 1.1 1.0 to returns. 1.0 0.6 Currency positioning was a positive, driven by an 0.0 overweight position in the Hungarian forint. Excess Returns (%) -0.3 -1.0 Euro Euro UK UK US US US US USD EM EM Corp HY Corp HY Corp MBS HY TIPS Sovereign Corp Portfolio Activity Currency 6 Reduced eurozone duration by cutting exposure 3.4 4.1 4 2.5 2.6 to longer-dated French government bonds early 2 0.5 0.9 1.4 in the quarter. 0 -2 -0.8 -0.8 -0.3 Reduced US and UK duration during the quarter -1.8 -1.3 -1.2 -4 -2.4 NOKAUD JPY INR GBP USD KRW CAD SEK CNY PLN MXN ZAR RUB as yields declined.
    [Show full text]
  • EU Urban Agenda at the Urban Forum “Cities
    April 2014 - 13th issue NEWSLETTERhttp://urban-intergroup.eu ear partners, dear colleagues, this 13th newsletter of the URBAN “DIntergroup is the last one of this term. I was very pleased to chair the UR- BAN Intergroup over the last five years. I think that we should be proud of what we have achieved together during this half a decade. All along this term, we welcomed in our Intergroup MEPs from most of EU Mem- ber States, all political groups and almost all committees. We also got support from new partners – culminating at 83 – from local, regional, national and European level that represent the interests of Europe’s town and cities or work in the domain relevant for urban development.” Jan Olbrycht President of the URBAN Intergroup ver the past five years, we organised no less than 27 conferences and over 30 “Omeetings, concerning issues such as transports, housing, biodiversity, culture, sustainable development or urban planning. Members of the URBAN Intergroup fol- lowed closely what was happening in their respective committees in the European Parliament. They reported on latest developments and defended urban related issues in various fields. Moreover, our members and partners were deeply involved in the negotiations of the EU post 2013 cohesion policy, especially concerning the urban ele- ments in the structural funds’ regulations. Finally, we are very proud to have initiated two preparatory actions: “RURBAN”, which aimed at improving urban-rural partner- ships, and “World cities: EU-third countries cooperation on urban development”, cur- rently still under preparation. We also followed closely the symbolic change of name of the Directorate-General for Regional Policy (DG REGIO) and welcomed the addition of “Urban Policy”.
    [Show full text]
  • European Union, 2020
    08 Malone article.qxp_Admin 69-1 22/02/2021 15:06 Page 97 Administration, vol. 69, no. 1 (2021), pp. 97–109 doi: 10.2478/admin-2021-0008 European Union, 2020 Margaret Mary Malone Institute of Public Administration, Ireland The year was defined by the outbreak of the Covid-19 pandemic, which unleashed a public health crisis and an associated economic crisis unlike anything experienced in modern times in Europe and beyond. The disease triggered a combined negative supply and demand shock of unprecedented intensity and the EU entered unchartered territory. National and regional serial lockdowns were introduced in a bid to curb the spread of Covid-19 and avoid health systems becoming overwhelmed. In a show of solidarity commensurate with the unfolding economic emergency, EU member states agreed a financial stimulus package of some €1.8 trillion to rebuild the battered EU economy. The package comprised the EU’s budget, or Multi- annual Financial Framework (MFF), for the period 2021–7 plus a temporary novel recovery instrument, Next Generation EU (NGEU). Funds for NGEU are to be borrowed, exceptionally, by the European Commission on the international capital markets. This decision was a landmark departure for the EU. Developments in the institutions of the EU On 1 January Croatia began its presidency of the Council of the EU for six months. A member state since July 2013, this was the first time Croatia had presided over the Council. Its priorities were driven by an unwittingly prescient motto, ‘A strong Europe in a world of challenges’. On 1 July Germany took over the Council presidency with 97 08 Malone article.qxp_Admin 69-1 22/02/2021 15:06 Page 98 98 MARGARET MARY MALONE the challenge of combatting the economic, social and budgetary implications of Covid-19 front and centre.
    [Show full text]
  • COVID-19 Summary of EU Economic Response
    COVID-19 Summary of EU Economic Response Key points • The European Commission and the EIB have pledged dozens of billions of euros to help Member States and EU financial institutions provide the necessary liquidity to EU businesses • Several of these programmes will be specifically dedicated to SMEs and mid-caps, including, through the EIF, those supported by venture capital funds • The ECB has promised to do “whatever it takes” to counter the risk of monetary policy transmission • Temporary legal amendments have been introduced to ensure Member States are able to take the appropriate and necessary actions to sustain viable businesses Summary of EU economic response While most of the attention over the past few days has been on the policy measures taken at national level to provide support to companies affected by the Covid-19 crisis, several actions were also taken at EU level to help, directly or indirectly, businesses to bear the burden posed by the pandemic on their activities. 1. Commitments through the European budget (MFF) The European Commission, with the support of the European Investment Fund (EIF), has launched different programmes within the remit of the existing EU budget. Some of these will be directly available to private equity-backed portfolio companies, others will help Member States to take additional measures to support their economy. a) Coronavirus Response Investment Initiative (CRII) From 13 March, the EU has quickly mobilised cash reserves from the EU funds to provide immediate liquidity to Member States' budgets, increasing directly the amount of investment in 2020 to fight the crisis. The scope of the EU solidarity fund was also increased in light of the public health crisis.
    [Show full text]
  • EU Proposes COVID-19 Recovery Plan and [Further] Adjusted Work Programme
    Tax Policy Bulletin from Global Tax Policy EU proposes COVID-19 Recovery Plan and [further] adjusted Work Programme June 29, 2020 In brief The European Commission has proposed a detailed COVID-19 Recovery Plan which includes more taxes going directly to the European Union. In the short term, the European Union will borrow to finance Member State investment in what is effectively the multi-annual financial framework (MFF) for 2021- 2027. The framework will be discussed in the coming months and, if approved, put in place this year. There would be some knock-on effects on work previously planned for 2020 (as discussed in our earlier Bulletin of 7 May 2020), including a number of tax proposals. This Bulletin focuses on • the fairly immediate introduction of ‘green’ levies: an EU-wide emissions trading levy, non-recycled plastic packaging waste charge and a carbon border adjustment mechanism; • a EU single market tax on the 70,000 large companies with revenues over EUR 750m; • a digital tax in the event of the OECD-led digitalisation/ globalisation project not producing a suitable consensus among the near 140 members of the Inclusive Framework; • the delivery of planned 2020 projects, including an “Action Plan to fight tax evasion and to make taxation simple and easy” and a plan on “Business Taxation for the 21st century.“ In detail COVID-19 recovery fund and structuring repayments The European Council endorsed crisis funding to provide a safety net for workers, businesses and Member State governments of EUR 540bn on April 23, 2020. The European Commission has now proposed an emergency European recovery instrument, ‘Next Generation EU,’ amounting to a further EUR 750bn.
    [Show full text]
  • The Dublin Regulation
    1 The Dublin Regulation → Analysis of the Dublin System, perceived to cause a disproportionate burden to the expense of the external border countries of the EU and the reason for its continuous implementation despite persisting criticism Author: Laura Helena R. Suy Thesis Supervisor: Bjørn Møller Global Refugee Studies Aalborg Universitet København (AAU-Cph) 10th Semester, Master Thesis Spring 2014 2 List of Contents Acknowledgments ...................................................................................................................................... 3 Abbreviation List ....................................................................................................................................... 4 Abstract ...................................................................................................................................................... 5 Introduction ............................................................................................................................................... 6 Methodology & Limitations .................................................................................................................... 8 Chapter 1: History & Content of the Dublin System .............................................................................. 9 1.1. The Dublin System: Content ............................................................................................................. 9 1.1.1. The Dublin Convention (1990/1997) .....................................................................................
    [Show full text]
  • The Bank of the European Union (Sabine Tissot) the Authors Do Not Accept Responsibility for the 1958-2008 • 1958-2008 • 1958-2008 Translations
    The book is published and printed in Luxembourg by 1958-2008 • 1958-2008 • 1958-2008 1958-2008 • 1958-2008 • 1958-2008 15, rue du Commerce – L-1351 Luxembourg 3 (+352) 48 00 22 -1 5 (+352) 49 59 63 1958-2008 • 1958-2008 • 1958-2008 U [email protected] – www.ic.lu The history of the European Investment Bank cannot would thus mobilise capital to promote the cohesion be dissociated from that of the European project of the European area and modernise the economy. 1958-2008 • 1958-2008 • 1958-2008 The EIB yesterday and today itself or from the stages in its implementation. First These initial objectives have not been abandoned. (cover photographs) broached during the inter-war period, the idea of an 1958-2008 • 1958-2008 • 1958-2008 The Bank’s history symbolised by its institution for the financing of major infrastructure in However, today’s EIB is very different from that which 1958-2008 • 1958-2008 • 1958-2008 successive headquarters’ buildings: Europe resurfaced in 1949 at the time of reconstruction started operating in 1958. The Europe of Six has Mont des Arts in Brussels, and the Marshall Plan, when Maurice Petsche proposed become that of Twenty-Seven; the individual national 1958-2008 • 1958-2008 • 1958-2008 Place de Metz and Boulevard Konrad Adenauer the creation of a European investment bank to the economies have given way to the ‘single market’; there (West and East Buildings) in Luxembourg. Organisation for European Economic Cooperation. has been continuous technological progress, whether 1958-2008 • 1958-2008 • 1958-2008 in industry or financial services; and the concerns of The creation of the Bank was finalised during the European citizens have changed.
    [Show full text]