| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2012) 339 final (28.6.12) |
| Publication Date | 28/06/2012 |
| Content Type | Policy-making, Report |
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This report provides a general overview of the implementation of the EU's macro-financial assistance (MFA) to third countries in 2011. It describes the overall context in which MFA operations were approved and implemented, includes information on the most recent operations in the countries neighbouring the EU, provides a short outlook on possible future operations and their budgetary impact and presents general statistics on the various MFA operations carried over the last ten years. MFA, as part of the EU's external assistance framework, is an instrument designed for countries close to the EU, addressing exceptional external financing needs in the form of balance of payment support. Its objective is to strengthen macroeconomic and financial stability in candidate and potential candidate countries and in countries in the European neighbourhood, while encouraging the implementation of appropriate structural reforms. It complements and is conditional to the existence of an adjustment and reform programme with the IMF. MFA takes either the form of loans, for which the Commission borrows the necessary funds in capital markets and on-lends them to the beneficiary country, and/or, in specific circumstances, grants, financed by the EU budget. This report is prepared in accordance with the Council and joint Council and Parliament decisions regarding MFA operations. It follows the reports presented in the previous years. It is accompanied by a Commission Staff Working Document providing more detailed information on and analysis of the macroeconomic context and implementation of individual MFA operations. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0339:FIN:EN:PDF |
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| Countries / Regions | Eastern Europe, Europe |
