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All EU Member States submitted the fourth update to their stability (for euro area countries) or convergence (for the three outside the euro area countries) programmes by early 2003. The growth projections for 2003 were scaled down from the third updates as a consequence of the economic outlook that turned bleaker than expected during 2002. Deficits deepened in most Member States, and they are likely to break the 3% limit in some. The Commission and the Council published their opinions on the programmes ...

This document was requested by the Greens/EFA Group in the European Parliament and attempts to reply to a series of questions posed by the Group on possible changes to the legal instruments binding the EIB's activities in the context of a forthcoming Inter-Governmental Conference. The layout follows the order of the questions. Based on the request of the Green/EFA group, this paper summarises the basis of the criticism, examines the measures the EIB has adopted or is about to adopt to solve them, ...