REPORT on the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries

3.5.2012 - (COM(2011)0396 – C7-0187/2011 – 2011/0176(COD)) - ***I

Committee on International Trade
Rapporteur: Metin Kazak


Procedure : 2011/0176(COD)
Document stages in plenary
Document selected :  
A7-0157/2012

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries (COM(2011)0396 – C7-0187/2011 – 2011/0176(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

–   having regard to the Commission proposal to Parliament and the Council (COM(2011)0396),

–   having regard to Article 294(2) and Articles 209 and 212 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C7-0187/2011),

–   having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

–   having regard to Rule 55 of its Rules of Procedure,

–   having regard to the report of the Committee on International Trade and the opinion of the Committee on Foreign Affairs (A7-0157/2012),

1.  Adopts its position at first reading hereinafter set out;

2.  Calls on the Commission to refer the matter to Parliament again if it intends to amend its proposal substantially or replace it with another text;

3.  Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment  1

Proposal for a regulation

Title

Text proposed by the Commission

Amendment

Regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries

Regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries and territories

Amendment  2

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission

Amendment

 

(1a) Union macro-financial assistance should be used to provide exceptional financial assistance to third countries that have run into temporary balance of payment difficulties. Unlike other Union instruments providing direct support for its external policies (such as the Instrument for Pre-accession Assistance*, the European Neighbourhood Instrument**, the Development Cooperation Instrument*** etc), macro-financial assistance should not be used to provide regular financial support nor have as its primary aim supporting the economic and social development of the beneficiary countries. Nor should macro-financial assistance be used akin to conditional debt forgiveness grants.

 

__________

 

* Regulation No … of the European Parliament and of the Council of … on the Instrument for Pre-accession Assistance (IPA II) (OJ …)

 

** Regulation No … of the European Parliament and of the Council of … establishing a European Neighbourhood Instrument (OJ …)

 

*** Regulation No … of the European Parliament and of the Council of … establishing a financing instrument for development cooperation (OJ …)

Amendment  3

Proposal for a regulation

Recital 2

Text proposed by the Commission

Amendment

(2) At present, macro-financial assistance to third countries is based on ad-hoc country specific decisions of the European Parliament and of the Council. This reduces the efficiency and effectiveness of the assistance by causing unnecessary delays between requests for macro-financial assistance and their actual implementation.

(2) The framework regulation aims at clarifying the rules and improving the efficiency and effectiveness of the Union assistance, inter alia by strengthening the application of the pre-conditions, improving transparency and formalising the political assessment by the Commission, and by improving the democratic effectiveness and democratic scrutiny.

Amendment  4

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

(3) A framework for delivering macro-financial assistance to third countries with which the Union has important political, economic and commercial ties should make the assistance more effective. In particular, it should be possible to provide macro-financial assistance to third countries to encourage them to adopt economic policy measures likely to solve a balance of payments crisis.

(3) A framework for delivering macro-financial assistance to third countries should encourage them to adopt economic policy measures likely to solve a balance of payments crisis.

Amendment  5

Proposal for a regulation

Recital 5

Text proposed by the Commission

Amendment

(5) The adoption of a general regulation for macro-financial assistance based on Articles 209 and 212 is without prejudice to the provisions of Article 213 of the Treaty, governing urgent financial assistance to third countries, and of the related prerogatives of the Council.

deleted

Amendment  6

Proposal for a regulation

Recital 7

Text proposed by the Commission

Amendment

(7) In its conclusions of 8 October 2002, the Council established criteria (the so-called Genval criteria) to guide the EU's macro-financial assistance operations. It is appropriate to formalise these criteria in a legal act endorsed by both the Parliament and the Council while updating and clarifying them.

(7) In its conclusions of 8 October 2002, the Council established criteria (the so-called Genval criteria) to guide the Union macro-financial assistance operations. It is appropriate to update and clarify these criteria in a legal act adopted by the European Parliament and the Council, inter alia in relation to the criteria for determining the appropriate form of assistance (loan, grant or combination thereof).

Amendment  7

Proposal for a regulation

Recital 8

Text proposed by the Commission

Amendment

(8) Appropriate procedures and instruments should be provided for in advance to enable the Union to ensure that macro-financial assistance can be made available expeditiously, especially when circumstances call for immediate action. This would also increase the clarity and transparency of the criteria applicable to the implementation of macro-financial assistance.

(8) Appropriate procedures and instruments should be provided for in advance in order to enable the Union to make macro-financial assistance available expeditiously, especially when circumstances call for immediate action and to increase the clarity and transparency of the criteria applicable to the implementation of macro-financial assistance.

Amendment  8

Proposal for a regulation

Recital 9

Text proposed by the Commission

Amendment

(9) The Commission should ensure that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.

(9) The Commission should ensure in its choice of beneficiary countries and in the content of the Memorandums of Understanding that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.

Amendment  9

Proposal for a regulation

Recital 9 a (new)

Text proposed by the Commission

Amendment

 

(9a) Macro-financial assistance is also a tool of Union foreign policy and should serve to enhance the visibility and influence of the Union beyond its borders. Close involvement of the European External Action Service ( EEAS) for the purpose of coordination and the consistency of Union external policy should be ensured throughout the whole macro-financial assistance operation.

Amendment  10

Proposal for a regulation

Recital 10

Text proposed by the Commission

Amendment

(10) Macro-financial assistance should support the beneficiary countries' commitments to common values with the Union, including democracy, the rule of law, good governance, respect for human rights, sustainable development and poverty reduction, as well as to the principles of open, rules-based and fair trade.

(10) Macro-financial assistance should include measures to improve the beneficiary countries' commitment to common values with the Union, including democracy, the rule of law, good governance, respect for human rights, the fight against forced child labour, support for sustainable development and poverty reduction, as well as to the principles of open, rules-based and fair trade. The fulfilment of these objectives should be regularly monitored by the Commission.

Amendment  11

Proposal for a regulation

Recital 13

Text proposed by the Commission

Amendment

(13) Macro-financial assistance should be complementary to the resources provided by the International Monetary Fund and other multilateral financial institutions and there should be a fair burden sharing with other donors. Macro-financial assistance should ensure the added value of the involvement of the Union.

(11a) In general macro-financial assistance should be complementary to the resources provided by the International Monetary Fund and other European or multilateral financial institutions and there should be a fair burden sharing with those institutions and other donors. Macro-financial assistance should be provided where it ensures the added value of the involvement of the Union.

Amendment  12

Proposal for a regulation

Recital 13 a (new)

Text proposed by the Commission

Amendment

 

(13a) In order to ensure that macro-financial assistance can meet the demands caused by urgent economic crises, the Union should ensure that sufficient financial resources are allocated to its budget. It is also necessary to ensure that macro-financial assistance is available to all eligible countries regardless of their economic size and applied appropriately in conjunction with the Union's other external financing instruments.

Amendment  13

Proposal for a regulation

Recital 14 a (new)

Text proposed by the Commission

Amendment

 

(14a) In order to achieve a balance between the need for effectiveness and efficiency of Union assistance on the one hand, and greater coherence, transparency and democratic scrutiny on the other, the power to adopt acts in accordance with Article 290 of the Treaty of the Functioning of the European Union should be delegated to the Commission in respect of eligible countries and territories and granting assistance to particular countries and territories . It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

Amendment  14

Proposal for a regulation

Recital 15

Text proposed by the Commission

Amendment

(15) In order to ensure uniform conditions for the implementation of this Regulation, as regards the approval and management of macro-financial assistance operations in beneficiary countries, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) 182/2011 of the European Parliament and of the Council laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers.

(15) In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers.

Amendment  15

Proposal for a regulation

Recital 16

Text proposed by the Commission

Amendment

(16) The examination procedure should be used for the adoption of implementing decisions defining the amount, form, duration and general conditions of individual macro-financial assistance operations given that such decisions have substantial budgetary implications.

deleted

Amendment  16

Proposal for a regulation

Recital 17

Text proposed by the Commission

Amendment

(17) The advisory procedure should be used for the adoption of the Memorandum of Understanding (MoU) laying down the economic policy measures associated with the Union's macro-financial assistance given that the MoU is not an implementing act of general scope, nor an act entailing budgetary implications or implications for third countries beyond those already entailed by the decision granting the assistance.

deleted

Amendment  17

Proposal for a regulation

Article 1 – paragraph 1

Text proposed by the Commission

Amendment

1. This Regulation lays down general provisions for the granting of macro-financial assistance to eligible third countries and territories as set out in Article 2.

1. This Regulation lays down general provisions for the granting of Union macro-financial assistance to eligible third countries and territories referred to in Article 2 (the 'beneficiary countries').

Amendment  18

Proposal for a regulation

Article 1 – paragraph 2

Text proposed by the Commission

Amendment

2. Macro-financial assistance shall be an exceptional financial instrument of untied and undesignated balance-of-payments support to eligible third countries and territories. It shall aim at restoring a sustainable external finance situation for countries facing external financing difficulties. It shall underpin the implementation of strong adjustment and structural reform measures designed to remedy balance of payments difficulties.

2. Macro-financial assistance shall be an exceptional financial instrument of untied and undesignated balance-of-payments support to beneficiary countries. It shall aim at restoring a sustainable external finance situation for beneficiary countries facing external financing difficulties. It shall underpin the implementation by such beneficiary countries of relevant bilateral agreements and programmes with the Union and shall be aimed at strong adjustment and structural reform measures designed to remedy balance of payments difficulties.

Amendment  19

Proposal for a regulation

Article 1 – paragraph 3

Text proposed by the Commission

Amendment

3. Macro-financial assistance may be granted on condition of the existence of a significant and residual external financing gap jointly identified with the multilateral financial institutions over and above the resources provided by the International Monetary Fund (IMF) and other multilateral institutions, despite the implementation of strong economic stabilisation and reform programmes.

3. Macro-financial assistance may be granted on condition of the existence of a significant and residual external financing gap in the respective beneficiary country jointly identified with the European or multilateral financial institutions over and above the resources provided by the International Monetary Fund (IMF) and other European or multilateral financial institutions, despite the implementation of strong economic stabilisation and reform programmes by the respective beneficiary country.

Amendment  20

Proposal for a regulation

Article 2 – title

Text proposed by the Commission

Amendment

Eligible countries

Eligible countries and territories

Amendment  21

Proposal for a regulation

Article 2 – introductory part

Text proposed by the Commission

Amendment

The third countries and territories eligible for macro-financial assistance shall be:

1. The third countries and territories eligible for macro-financial assistance provided that they fulfil the conditionality criteria set out in Article 6 (the 'beneficiary countries') shall be:

Amendment  22

Proposal for a regulation

Article 2 – paragraph 1 – point c

Text proposed by the Commission

Amendment

(c) Other third countries in exceptional and duly justified circumstances. Such countries must be politically, economically and geographically close to the European Union.

(c) Other third counties that play a determining role in regional stability and are of strategic importance for the Union, in exceptional and duly justified circumstances. Such countries must be politically, economically and geographically close to the Union.

Amendment  23

Proposal for a regulation

Article 2 – paragraph 1 a (new)

Text proposed by the Commission

Amendment

1a. The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to amend Points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy.

Amendment  24

Proposal for a regulation

Article 2 – paragraph 1 b (new)

Text proposed by the Commission

Amendment

 

1b. The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to supplement, when necessary, this Regulation with eligible countries that meet the criteria of point c of paragraph 1 of this Article.

Amendment  25

Proposal for a regulation

Article 4 – paragraph 1

Text proposed by the Commission

Amendment

1. The amounts of macro-financial assistance provided in grants under this Regulation shall be consistent with the budget appropriations established in the multi-annual financial framework.

1. The amounts of macro-financial assistance provided under this Regulation in the form of a grant shall be consistent with the budget appropriations established in the multi-annual financial framework.

Amendment  26

Proposal for a regulation

Article 4 – paragraph 2

Text proposed by the Commission

Amendment

2. The amounts of macro-financial assistance provided in loans under this Regulation shall be provisioned in accordance with Council Regulation (EC, Euratom) 480/2009 of 25 May 2009 on the Guarantee Fund for external actions.

2. The amounts of macro-financial assistance provided under this Regulation in the form of a loan shall be provisioned in accordance with Council Regulation (EC, Euratom) No 480/2009 of 25 May 2009 establishing a Guarantee Fund for external actions.

Amendment  27

Proposal for a regulation

Article 4 – paragraph 3

Text proposed by the Commission

Amendment

3. Annual appropriations shall be authorised by the budgetary authority within the limits of the financial framework. The corresponding reference amounts for the period 2011 to 2013 are set out in Annex II.

3. Annual appropriations shall be authorised by the budgetary authority within the limits of the multi-annual financial framework.

Amendment  28

Proposal for a regulation

Article 5 – paragraph 1

Text proposed by the Commission

Amendment

1. The amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with international financial institutions, based on a comprehensive and well documented quantitative assessment. In particular, the Commission will draw on the latest balance of payments projections for the country in question produced by the IMF and take into account the expected financial contributions from multilateral donors.

1. The proposed amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with the IMF and other European or multilateral financial institutions, based on a comprehensive and well documented quantitative assessment. In particular, the Commission shall draw on the latest balance of payments projections for the beneficiary country in question produced by the IMF and other European or multilateral financial institutions and take into account the expected financial contributions from multilateral donors as well as pre-existing deployment of the Union's other external financing instruments in the respective beneficiary country.

Amendment  29

Proposal for a regulation

Article 5 – paragraph 2

Text proposed by the Commission

Amendment

2. The determination of the amounts of macro-financial assistance shall also take into account the need to ensure a fair burden sharing with other donors.

2. The determination of the amount of macro-financial assistance shall also take into account the need to ensure a fair burden sharing between the Union and the other donors. The Union's contribution should be sufficient to guarantee that it brings Union added value and should not normally be below 20%.

Amendment  30

Proposal for a regulation

Article 5 – paragraph 3

Text proposed by the Commission

Amendment

3. In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission, acting in accordance with Article 14(2), may decide to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.

3. In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission shall re-assess the economic and financial situation in the beneficiary country and, based on that assessment, shall be empowered to adopt delegated acts in accordance with Article 14a to amend Annex IIa, to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.

Amendment  31

Proposal for a regulation

Article 6 – paragraph 1

Text proposed by the Commission

Amendment

1. A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights.

1. A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights. This assessment shall be entrusted to the EEAS in cooperation with the Commission and shall take into consideration the resolutions and reports adopted by the European Parliament concerning beneficiary countries. The assessment may identify policy recommendations as regards the strengthening of democratic institutions, human rights, transparency and the fight against corruption. This report shall be added to each individual delegated act referred to in Article 7(3). With a view to protecting Union democratic values and interests and reinforcing beneficiary countries' respect for fundamental rights, the Memorandum of Understanding shall include country specific recommendations that are consistent with Union external policies aimed at strengthening the rule of law, human and labour rights, transparency and combating corruption.

Amendment  32

Proposal for a regulation

Article 6 – paragraph 2

Text proposed by the Commission

Amendment

2. Macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources.

2. Macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources or that of another European or multilateral financial institution.

Amendment  33

Proposal for a regulation

Article 6 – paragraph 3

Text proposed by the Commission

Amendment

3. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme. It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.

3. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme or that of another European or multilateral financial institution and of respect for the Genval political and value-based principles. It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.

Amendment  34

Proposal for a regulation

Article 7 – paragraph 2

Text proposed by the Commission

Amendment

2. If the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met, macro-financial assistance shall be granted by the Commission acting in accordance with Article 14(2).

2. Upon receiving the request, the Commission shall make an assessment as to whether the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met for granting macro-financial assistance. If those conditions are met, the Commission shall determine in its decision the amount and the form of the assistance under the conditions referred to in Article 5 and Article 3 respectively.

Amendment  35

Proposal for a regulation

Article 7 – paragraphs 3 and 3a (new)

Text proposed by the Commission

Amendment

3. The decision to provide a loan shall specify the amount, the maximum average maturity, the maximum number of instalments of the macro-financial assistance. The decision to provide a grant shall specify the amount, and the maximum number of instalments. In both cases the availability period of the macro-financial assistance shall be defined. As a rule, it shall not exceed three years.

3. For the purpose of paragraph 2 the Commission shall be empowered to adopt delegated acts in accordance with Article 14a to establish and to amend Annex IIa in order to provide macro-financial assistance to a particular country or territory. In the delegated act the Commission shall, inter alia, stipulate the following:

 

(a) in all cases, the beneficiary of the assistance, the total maximum amount of the assistance, the form of the assistance, and the availability period of the assistance.

 

(b) in case of the decision to provide a loan, the amount, the maximum average maturity, and the maximum number of instalments of the macro-financial assistance.

 

(c) in case of the decision to provide a grant, the amount, and the maximum number of instalments. The decision to provide a grant shall be accompanied by a justification for the grant (or grant element) of assistance.

 

3a. As a rule, the availability period of the macro-financial assistance shall not exceed three years.

Amendment  36

Proposal for a regulation

Article 7 – paragraph 4

Text proposed by the Commission

Amendment

4. Following the approval of the decision granting macro-financial assistance, the Commission, acting in accordance with Article 14(3), shall agree the policy measures referred to in Article 6(3), (4), (5) and (6) with the beneficiary country.

4. Following the adoption of the delegated act on granting macro-financial assistance, the Commission, in close cooperation with the EEAS, shall be empowered to adopt delegated acts in accordance with Article 14a to agree in the Memorandum of Understanding the policy measures referred to in Article 6(1), (3), (4), (5) and (6) with the beneficiary country.

Amendment  37

Proposal for a regulation

Article 7 – paragraph 5

Text proposed by the Commission

Amendment

5. Following the approval of the decision granting macro-financial assistance, the Commission shall agree the detailed financial terms of the assistance with the beneficiary country. These shall be laid down in a Grant or Loan Agreement.

5. Following the adoption of the delegated act on granting macro-financial assistance, the Commission shall agree the detailed financial terms of the assistance with the beneficiary country. These shall be laid down in a Grant or Loan Agreement.

Amendment  38

Proposal for a regulation

Article 7 – paragraph 6

Text proposed by the Commission

Amendment

6. The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents.

6. The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents in due time.

Amendment  39

Proposal for a regulation

Article 9 – paragraph 2

Text proposed by the Commission

Amendment

2. The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in Article 6(2) and 6(3).

2. The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in Article 6(1), (2) and (3).

Amendment  40

Proposal for a regulation

Article 9 – paragraph 3

Text proposed by the Commission

Amendment

3. The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and 6(3) continue to be met.

3. The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and (3) continue to be met. The EEAS shall verify at regular intervals, and without delay in the case of unforeseen developments, that the conditions referred to in Article 6(1) continue to be met, and inform the Commission accordingly.

Amendment  41

Proposal for a regulation

Article 9 – paragraph 4

Text proposed by the Commission

Amendment

4. In case the conditions referred to in Article 6(2) and 6(3) are not met, the Commission can temporarily suspend, reduce or cancel the disbursement of the assistance.

4. In case the conditions referred to in Article 6(1), (2) and (3) are not met, the Commission, in close cooperation with the EEAS, can temporarily suspend, reduce or cancel the disbursement of the assistance.

Amendment  42

Proposal for a regulation

Article 9 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

 

4a. In these instances, and in case the suspension of the operation is lifted after consultation of the EEAS, the Commission shall inform the European Parliament and the Council of the reasons thereof.

Amendment  43

Proposal for a regulation

Article 11 – paragraph 1

Text proposed by the Commission

Amendment

1. Beneficiary countries shall regularly check that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.

1. Any agreements resulting from this Regulation shall contain provisions ensuring that beneficiary countries shall regularly check that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.

Amendment  44

Proposal for a regulation

Article 11 – paragraph 3 a (new)

Text proposed by the Commission

Amendment

 

3a. The Memorandum of Understanding referred to in Article 6(3) and any other agreements resulting from this Regulation shall ensure the rights of the Commission and the Court of Auditors under paragraphs 2 and 3 of this Article during and after the availability period of the macro-financial assistance.

Amendment  45

Proposal for a regulation

Article 12 – paragraph 1

Text proposed by the Commission

Amendment

1. The Commission shall regularly evaluate the results and efficiency of macro-financial assistance in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations.

1. The Commission shall regularly evaluate the results and efficiency of macro-financial assistance regarding each and every particular recipient country or territory in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations. When evaluating the functioning of the political conditionality under Article 6(1), the Commission shall consult the EEAS.

Amendment  46

Proposal for a regulation

Article 12 – paragraph 2

Text proposed by the Commission

Amendment

2. The Commission shall send ex-post evaluation reports to the European Parliament and the Council, assessing the extent to which recently completed MFA operations have contributed to the aims of the assistance.

2. The Commission shall send ex-post evaluation reports to the European Parliament, the Council and the Court of Auditors, assessing the extent to which recently completed macro-financial assistance operations regarding a particular recipient country or territory have contributed to the aims of the assistance.

Amendment  47

Proposal for a regulation

Article 12 – paragraph 2 a (new)

Text proposed by the Commission

Amendment

 

2a. The Court of Auditors shall audit the financial management of the assistance.

Amendment  48

Proposal for a regulation

Article 14 – paragraph 3

Text proposed by the Commission

Amendment

3. Where reference is made to this paragraph, Article 4 of Regulation (EU) 182/2011 shall apply.

deleted

Amendment  49

Proposal for a regulation

Article 14 a (new)

Text proposed by the Commission

Amendment

 

Article 14a

 

Exercise of the delegation

 

1. The power to adopt delegated acts referred to in Articles 2(1a), 2(1b), 5(3), 7(3) and 7(4) shall be conferred on the Commission for a period of applicability of this Regulation.

 

2. The delegation of power may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

 

3. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and the Council.

 

4. A delegated act adopted pursuant to Articles 2(1a), 2(1b), 5(3), 7(3) and 7(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of the act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.

Amendment  50

Proposal for a regulation

Article 14 b (new)

Text proposed by the Commission

Amendment

 

Article 14b

 

Review

 

1. No later than ......* and every four years thereafter, the Commission shall present to the European Parliament and the Council a report on the application of this Regulation.

 

2. The report referred to in paragraph 1 shall include a detailed overview of macro-financial assistance granted under this Regulation and shall be accompanied, if appropriate, by a legislative proposal for a review of this Regulation.

 

______________________

 

* OJ: four years after the entry into force of this Regulation.

Amendment  51

Proposal for a regulation

Article 15

Text proposed by the Commission

Amendment

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and shall expire on 31 December 2013.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Amendment  52

Proposal for a regulation

Annex II

Text proposed by the Commission

Amendment

Annex deleted.

Amendment  53

Proposal for a regulation

Annex II a (new)

Amendment by Parliament

ANNEX II a

MACRO-FINANCIAL ASSISTANCE TO PARTICULAR COUNTRIES AND TERRITORIES

Beneficiary of assistance

Total maximum amount of assistance

Form of assistance

Availability period of assistance

 

Loan

Grant

 

Amount

Maximum average maturity

Maximum number of instalments

Amount

Maximum number of instalments

EXPLANATORY STATEMENT

Introduction

The EU's Macro-Financial Assistance (MFA) was launched in 1990 to grant financial assistance to third countries experiencing short-term balance of payments difficulties. A total of 55 MFA decisions benefiting 23 countries have so far been approved, amounting to 7.2 billion Euros, in the form of grants or loans, or a combination of the two.

In recent years INTA has been involved in granting MFA first under the consultation procedure and, since the Lisbon Treaty, as co-legislator. Under the Treaty of Lisbon, the appropriate legal bases for decisions granting MFA are Articles 209(1) and 212(2) TFEU, depending on whether the beneficiary country is a developing country or not. In both cases, OLP applies.

Two ad hoc decisions have been adopted under Lisbon for Ukraine and Moldova. A third decision for Georgia has been held up due to a procedural disagreement: for the adoption of the Memorandum of Understanding (MOU), the EP is insisting on the "advisory procedure" used for Ukraine and Moldova, whereas Council wants the "examination procedure".

Until now, the EU has taken MFA decisions based on the Council's so-called "Genval criteria" of October 2002 which have been subject to case-by-case legislative decisions. Deeming this situation unsatisfactory, the EP's resolution of 2003 called for a framework regulation for MFA and thus, the Commission's proposal comes as a direct response to this demand.

Commission Proposal

According to the Commission, the main goals of its proposal are:

– to create a formal legal instrument for MFAs to third countries,

– to introduce quicker, more efficient and streamlined decision-making for individual MFA operations,

– to agree rules and conditions among the EU institutions (to make the EP "co-owner of the rules"),

– to update and clarify some of the rules, most notably on the geographical scope of MFA,

– to align decision-making for MFA with other external financial assistance instruments.

In its staff working paper, the Commission expressed its concerns over the current situation of case by-case legislative decisions, particularly in light of the mandatory eight week consultation of the national parliaments. Although MFA has made a valuable contribution to macroeconomic stability in the EU’s neighbourhood, current procedures tend to reduce its effectiveness and transparency.

In its justifications, the Commission has mixed together two distinct issues: the goal of making MFA more effective and the need to agree clear rules and conditions for MFA disbursement. The Rapporteur recommends looking firstly at whether we agree with the rules governing the MFA, and separately at whether we agree to the proposed decision making procedures.

The EP has also received contributions from the Portuguese Parliament of 20 September 2011 and the Italian Senate of 29 November 2011.

The Rules

The "Genval criteria" make MFA assistance conditional on shared democratic, economic and geographical proximity, as well as the existence of an IMF scheme and financial discipline.

Procedural Rules and Conditionality

The Commission has not altered the fundamental parameters of the "Genval Criteria" though some minor procedural rules have been modified. For instance, the Commission has removed the use of ceilings for the EU's proportion of the assistance (Article 5(2)), explaining they are difficult to calculate and impractical. It seems appropriate that the Commission is given sufficient flexibility in determining the appropriate ratio and a procedural straightjacket is avoided, whilst also ensuring that each assistance programme undergoes democratic scrutiny.

The same logic applies to the split between grants and loans. The Commission’s proposal is somewhat vague on how the ratio of grants to loans is determined, stating that they shall consider "the level of economic development of the beneficiary country" but not explaining how this analysis will be used (Article 3(1)). Previously, grants have been part of the MFA to countries such as Albania (2004), Bosnia-Herzegovina (2004), Georgia (2005 and 2009), Lebanon (2007), Moldova (2007 and 2010) and Armenia (2009).

As with the ceilings, the rapporteur considers that a balance needs to be struck between establishing clear rules and allowing the Commission room to tailor its assistance to the specific situation at hand. Past experience has shown cases where MFA has been used as a financial package akin to conditional debt forgiveness grants and the rapporteur believes that this practise should be avoided in the future.

Importantly, the Regulation maintains the central complementary principle that MFA should only be granted where there is an IMF programme (Article 6(2)). While the practise of linking the MFA to an IMF scheme will continue as the norm, the rapporteur believes that there should be flexibility for the EU to work with other European or multilateral financial institutions such as the World Bank or the European Investment Bank (EIB).

The rapporteur would like to stress that MFA must bring EU added-value and should only occur where the EU can bring something to the table rather than act as an 'IMF top-up'. Therefore, by de-coupling MFA from the existence of an IMF scheme, the EU will have greater freedom to provide added value. The EU could, in certain cases, consider taking the lead role in MFA operations. Furthermore, the joint CEPS and LSE study commissioned by the EP notes that MFA is often too small to guarantee implementation of the policy measures adopted under the MOU. Therefore, the report proposes that, in most cases, the EU's contribution should not fall beneath a minimum percentage to ensure that the EU's contribution is sufficient to ensure added value and makes it easier for large countries to benefit from MFA.

Eligible Countries

Eligible countries include candidates for EU membership, potential candidates, ENP countries and, exceptionally, additional countries which are "politically, economically and geographically close to the EU" (art 2). In practise, this latter category has meant Central Asian countries.

The rapporteur believes that this provision is ambiguous and, in previous cases, the selection criteria have not been properly applied. Stability in the EU's immediate neighbourhood and "Europeanisation" should be the key objectives of MFA and countries should be approved accordingly. More broadly, the provisions have been introduced so that the Commission better explains and discloses the inter-relation of MFA programmes to the EU’s other external financing instruments.

Political Conditionality

Taking its lead from the "Genval Criteria", the Regulation makes MFA support conditional on the presence of "effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights" (Article 6(1)). At face value, this appears in line with the EU's responsibility under the Lisbon Treaty to promote its core values in its external affairs.

However, experience demonstrates that such conditionality is rarely practised. For example, the CEPS study commissioned by the EP notes that the 2002 MFA for Ukraine showed the EU "had little regard for the political pre-conditions". This pattern has been consistently repeated as demonstrated by the more recent study.

The rapporteur considers that the application of the pre-conditions must be strengthened and the political assessment by the Commission should become more formalised and transparent. Proposed improvements include the introduction of a transparent report by the European External Action Service prior to the proposal of each MFA to verify each partner country respects human rights and other political conditions.

The rapporteur proposes to further strengthen the democratic effectiveness of MFA through an explicit reference that democratic and human rights policy measures should be included in the MOU. Clearly some of the measures to strengthen financial accountability and transparency (Articles 6(4) and (5)) have a democratic side effect but to merely refer to "other priorities in the context of the EU's external policy" is not sufficient. Explicit measures on human rights and democratic mechanisms should be included in the MOU where applicable. Furthermore, the rapporteur includes deterioration in democratic conditions as a reason for the suspension, reduction or cancellation of the disbursement.

In summary, the rapporteur wants the regulation to place sufficient emphasis on the EU's democratic interest to match that already contained for the EU's financial and economic interest.

The Procedure

The Commission introduces the following decision-making procedure:

(i)        examination procedure for:

–         the adoption of country-specific decisions to grant MFA;

–         the adoption of decisions to either reduce the amount of funds made available in the context of the assistance, to suspend or to cancel the assistance;

–         agreeing consultancy contracts for support measures if the unitary value exceeds EUR 250,000;

(ii)       advisory procedure for agreeing the MOU with the beneficiary country laying down the policy measures associated with the assistance.

Therefore, the Commission proposal removes the case by case OLP for each MFA and replaces this with a decision taken by the Commission and approved by the Council. In practice the EP would have no role in overseeing future MFAs and the use of delegated acts (Article 290 TFEU) is not foreseen for a single decision.

The rapporteur agrees with the Commission that changes are necessary to establish clear rules and make MFA decision-making smoother and more efficient. However, the total removal of parliamentary scrutiny and the introduction of implementing acts for MFA is unacceptable.

Therefore, the rapporteur has proposed to use delegated acts to grant MFA on a case by case basis. Delegated acts combine greater speed and efficiency with effective democratic scrutiny through the requirement that the EP gives its approval to each MFA decision.

Finally, the Commission proposes that the Regulation should only last until the end of 2013, and is thus meant to be transitional. Thereafter the Regulation would be replaced (or amended) by a new framework regulation. The rapporteur considers that one framework regulation is sufficient and it does not make sense to approve a regulation for less than two years. Therefore, the rapporteur proposes that the Regulation should be open-ended with the possibility for review every four years.

OPINION of the Committee on Foreign Affairs (24.4.2012)

for the Committee on International Trade

on the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries
(COM(2011)0396 – C7‑0187/2011 – 2011/0176(COD))

Rapporteur: Inese Vaidere

AMENDMENTS

The Committee on Foreign Affairs calls on the Committee on International Trade, as the committee responsible, to incorporate the following amendments in its report:

Amendment  1

Proposal for a regulation

Recital 1

Text proposed by the Commission

Amendment

(1) The European Union is a major provider of economic, financial and technical assistance to third countries. Union macro-financial assistance (hereinafter "macro-financial assistance") has proved an efficient instrument for economic stabilisation and a driver for structural reforms in the beneficiary countries. In accordance with its overall policy vis-à-vis candidate, potential candidate, and neighbourhood countries, the Union should be in a position to provide macro-financial assistance to those countries with the aim of developing a zone of shared stability, security, and prosperity.

(1) The European Union is a major provider of economic, financial and technical assistance to third countries. Union macro-financial assistance (hereinafter "macro-financial assistance") has proved an efficient instrument for economic stabilisation and a driver for structural reforms in the beneficiary countries. In accordance with its overall policy vis-à-vis candidate, potential candidate, and neighbourhood countries, the Union should be in a position to provide macro-financial assistance to those countries with the aim of developing a zone of shared stability, security, and prosperity, always with the consent of both parties.

Amendment  2

Proposal for a regulation

Recital 3

Text proposed by the Commission

Amendment

(3) A framework for delivering macro-financial assistance to third countries with which the Union has important political, economic and commercial ties should make the assistance more effective. In particular, it should be possible to provide macro-financial assistance to third countries to encourage them to adopt economic policy measures likely to solve a balance of payments crisis.

(3) A framework for delivering macro-financial assistance to candidate, potential candidate and neighbourhood countries, and third countries in exceptional and duly justified cases, should make the assistance more effective. In particular, it should be possible to provide macro-financial assistance to these countries to encourage them to adopt economic policy measures likely to solve a balance of payments crisis.

Amendment  3

Proposal for a regulation

Recital 9

Text proposed by the Commission

Amendment

(9) The Commission should ensure that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.

(9) The Commission, in close cooperation with the EEAS, should ensure that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies, whereby the Union should not seek to impose these but agree on them with the countries receiving assistance.

Amendment  4

Proposal for a regulation

Recital 9 a (new)

Text proposed by the Commission

Amendment

 

(9a) Macro-financial assistance is also a tool of Union foreign policy and should serve to enhance the visibility and influence of the Union beyond its borders. The close involvement of the EEAS for the purpose of coordination and the consistency of the Union's external policy should be ensured throughout the whole macro-financial assistance operation.

Amendment  5

Proposal for a regulation

Recital 10 a (new)

Text proposed by the Commission

Amendment

 

(10a) A third country that plays a determining role in regional stability and is of strategic importance for the Union can be considered eligible for macro financial assistance in exceptional and duly justified cases, under the condition that it is politically, economically or geographically close to the Union. The decision to grant macro financial assistance to such country should be conferred on the Commission as a delegated act .

Amendment  6

Proposal for a regulation

Recital 10 b (new)

Text proposed by the Commission

Amendment

 

(10b) To allow for flexibility in the use of macro-financial assistance as part of the Union's external action, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of determining the eligibility of these third countries that are neither candidate, nor potential candidate, nor neighbourhood countries. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

Amendment  7

Proposal for a regulation

Article 5 – paragraph 1

Text proposed by the Commission

Amendment

1. The amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with international financial institutions, based on a comprehensive and well documented quantitative assessment. In particular, the Commission will draw on the latest balance of payments projections for the country in question produced by the IMF and take into account the expected financial contributions from multilateral donors.

1. The amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with international financial institutions and the EEAS, based on a comprehensive and well documented quantitative assessment. In particular, the Commission will draw on the latest balance of payments projections for the country in question produced by the IMF and take into account the expected financial contributions from multilateral donors.

Amendment  8

Proposal for a regulation

Article 5 – paragraph 3

Text proposed by the Commission

Amendment

3. In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission, acting in accordance with Article 14 (2), may decide to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.

3. In case the financing needs of the beneficiary country decline fundamentally during  the period of disbursement of the macro-financial assistance, the Commission shall re-assess the economic and financial situation in the beneficiary country and, based on that assessment and acting in accordance with Article 14 (2), may decide to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.

Amendment  9

Proposal for a regulation

Article 6 – paragraph 1

Text proposed by the Commission

Amendment

1. A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights.

1. A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights. This assessment shall be entrusted to the EEAS in cooperation with the Commission and shall take into consideration the resolutions and reports adopted by the European Parliament concerning beneficiary countries. The assessment can identify policy recommendations as regards the strengthening of democratic institutions, human rights, transparency and fight against corruption. With a view to protecting the Union's democratic values and interests and reinforcing beneficiary countries' respect for fundamental rights, the Memorandum of Understanding shall include country specific measures that are consistent with the Union's external policies aimed at strengthening the rule of law, human and labour rights, transparency and combating corruption.

Amendment  10

Proposal for a regulation

Article 6 – paragraph 3

Text proposed by the Commission

Amendment

3. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme. It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.

3. The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme and of respect for the Genval political and value-based principles. It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.

Amendment  11

Proposal for a regulation

Article 7 – paragraph 2

Text proposed by the Commission

Amendment

 

 

 

 

2. If the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met, macro-financial assistance shall be granted by the Commission acting in accordance with Article 14(2)

2. If the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met, macro-financial assistance shall be granted by the Commission, in close cooperation with the EEAS, acting in accordance with Article 14(2).

Amendment  12

Proposal for a regulation

Article 7 – paragraph 4

Text proposed by the Commission

Amendment

4. Following the approval of the decision granting macro-financial assistance, the Commission, acting in accordance with Article 14(3), shall agree the policy measures referred to in Article 6(3), (4), (5) and (6) with the beneficiary country.

4. Following the approval of the decision granting macro-financial assistance, the Commission, in close cooperation with the EEAS, acting in accordance with Article 14(3), shall agree the policy measures referred to in Article 6 (1), (3), (4), (5) and (6) with the beneficiary country.

Amendment  13

Proposal for a regulation

Article 7 – paragraph 6

Text proposed by the Commission

Amendment

6. The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents.

6. The Commission and the EEAS shall inform regularly and/or upon request the European Parliament and the Council of developments in country-specific assistance and shall ensure a simultaneous and timely transmission of the relevant documents.

Amendment  14

Proposal for a regulation

Article 9 – paragraph 1

Text proposed by the Commission

Amendment

1. Macro-financial assistance shall be disbursed to the central bank of the beneficiary country.

1. Macro-financial assistance shall be disbursed only to the central bank of the beneficiary country.

Amendment  15

Proposal for a regulation

Article 9 – paragraph 2

Text proposed by the Commission

Amendment

2. The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in Article 6(2) and 6(3).

2. The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in Article 6(1), (2) and (3).

Amendment  16

Proposal for a regulation

Article 9 – paragraph 3

Text proposed by the Commission

Amendment

3. The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and 6(3) continue to be met.

3. The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and (3) continue to be met. The EEAS shall verify at regular intervals, and without delay in the case of unforeseen developments, that the conditions referred to in Article 6(1) continue to be met, and inform the Commission accordingly.

Amendment  17

Proposal for a regulation

Article 9 – paragraph 4

Text proposed by the Commission

Amendment

4. In case the conditions referred to in Article 6(2) and 6(3) are not met, the Commission can temporarily suspend, reduce or cancel the disbursement of the assistance.

4. In case the conditions referred to in Article 6(1), (2) and (3) are not met, the Commission, in close cooperation with the EEAS, can temporarily suspend, reduce or cancel the disbursement of the assistance.

Amendment  18

Proposal for a regulation

Article 9 – paragraph 4 a (new)

Text proposed by the Commission

Amendment

 

4a. In these instances, and in case the suspension of the operation is lifted after consultation of the EEAS, the Commission shall inform the European Parliament and the Council of the reasons thereof.

Amendment  19

Proposal for a regulation

Article 11 – paragraph 1

Text proposed by the Commission

Amendment

1. Beneficiary countries shall regularly check that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.

1. Beneficiary countries shall ensure that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.

Amendment  20

Proposal for a regulation

Article 11 – paragraph 5

Text proposed by the Commission

Amendment

5. Where it has been established that, in relation to the management of assistance under this Regulation, a beneficiary country has engaged in any act of fraud or corruption or any other illegal activity detrimental to the financial interests of the Union, the Commission shall be entitled to the full repayment of the grant and/or the early repayment of the loan.

5. Where it has been established that, in relation to the management of assistance under this Regulation, a beneficiary country has engaged in any act of fraud or corruption or any other illegal activity detrimental to the financial interests of the Union, the Commission shall be entitled to the full repayment of the grant and/or the early repayment of the loan. The Memorandum of Understanding shall include provisions on mechanisms allowing for the seizure of the assets wrongfully misappropriated.

Amendment  21

Proposal for a regulation

Article 11 a (new)

Text proposed by the Commission

Amendment

 

Article 11a

 

Decision on eligibility of third countries and exercise of the delegation

 

1. In case of a determining role in regional stability and of strategic importance for the Union, and under the condition that it is politically, economically and geographically close to the Union, a third country may, in exceptional and duly justified cases, be considered eligible to benefit from a macro-financial assistance operation.

 

2. The Commission shall be empowered to adopt delegated acts in order to supplement, when necessary, this Regulation with eligible countries that meet the criteria of paragraph 1. The power to adopt delegated acts is subject to the conditions laid down in this Article.

 

3. The power to adopt delegated acts referred to in paragraph 2 shall be conferred on the Commission for a period of applicability of this Regulation.

 

4. The delegation of power may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

 

5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

 

6. A delegated act adopted pursuant to this article shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.

Amendment  22

Proposal for a regulation

Article 13 – paragraph 1

Text proposed by the Commission

Amendment

1. The Commission shall examine the progress made on implementing the measures taken under this Regulation and shall submit annually a report on the implementation of macro-financial assistance to the European Parliament and the Council.

1. The Commission, in close cooperation with the EEAS, shall examine the progress made on implementing the measures taken under this Regulation and shall submit annually a report on the implementation of macro-financial assistance to the European Parliament and the Council.

Amendment  23

Proposal for a regulation

Article 13 – paragraph 2

Text proposed by the Commission

Amendment

2. The annual report shall assess the economic situation and prospects of the beneficiary countries, as well as the progress made with the implementation of the policy measures referred to in Article 6(3).

2. The annual report shall assess the economic situation and prospects of the beneficiary countries, as well as the progress made with the implementation of the policy measures referred to in Article 6(1) and (3).

Amendment  24

Proposal for a regulation

Article 14 - paragraph 1

Text proposed by the Commission

Amendment

Committee

Committee

1. The Commission shall be assisted by a Committee.

1. The Commission shall be assisted by a Committee. The EEAS shall be invited to its meetings and entitled to participate in its work.

Amendment  25

Proposal for a regulation

Article 14 a (new)

Text proposed by the Commission

Amendment

 

Article 14a

 

Review

 

1. No later than .....*, a report shall be prepared by the Commission, in close cooperation with the EEAS, on the implementation of this Regulation and the achievement of its objectives. The report shall review, inter alia, the implementation of Articles 3 and 6.

 

2. This report shall be submitted to the European Parliament and to the Council, and shall be accompanied, if appropriate, by a legislative proposal introducing the necessary amendments to this Regulation.

 

___________________

 

* OJ: four years after the date of entry into force of this Regulation.

Amendment  26

Proposal for a regulation

Article 15

Text proposed by the Commission

Amendment

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and shall expire on 31 December 2013.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

PROCEDURE

Title

General provisions for macro-financial assistance to third countries

References

COM(2011)0396 – C7-0187/2011 – 2011/0176(COD)

Committee responsible

       Date announced in plenary

INTA

7.7.2011

 

 

 

Committee(s) asked for opinion(s)

       Date announced in plenary

AFET

7.7.2011

 

 

 

Rapporteur(s)

       Date appointed

Inese Vaidere

3.10.2011

 

 

 

Date adopted

24.4.2012

 

 

 

Result of final vote

+:

–:

0:

47

2

1

Members present for the final vote

Elmar Brok, Mário David, Michael Gahler, Marietta Giannakou, Ana Gomes, Takis Hadjigeorgiou, Richard Howitt, Anna Ibrisagic, Anneli Jäätteenmäki, Jelko Kacin, Ioannis Kasoulides, Tunne Kelam, Evgeni Kirilov, Maria Eleni Koppa, Andrey Kovatchev, Wolfgang Kreissl-Dörfler, Eduard Kukan, Alexander Graf Lambsdorff, Vytautas Landsbergis, Krzysztof Lisek, Sabine Lösing, Mario Mauro, Francisco José Millán Mon, María Muñiz De Urquiza, Annemie Neyts-Uyttebroeck, Raimon Obiols, Kristiina Ojuland, Justas Vincas Paleckis, Ioan Mircea Paşcu, Alojz Peterle, Cristian Dan Preda, Libor Rouček, José Ignacio Salafranca Sánchez-Neyra, Nikolaos Salavrakos, Adrian Severin, Marek Siwiec, Charles Tannock, Inese Vaidere, Kristian Vigenin

Substitute(s) present for the final vote

Laima Liucija Andrikienė, Andrew Duff, Tanja Fajon, Kinga Gál, Elisabeth Jeggle, Antonio López-Istúriz White, Carmen Romero López, Marietje Schaake, Indrek Tarand, Alejo Vidal-Quadras, Renate Weber

PROCEDURE ()

Title

General provisions for macro-financial assistance to third countries

References

COM(2011)0396 – C7-0187/2011 – 2011/0176(COD)

Date submitted to Parliament

4.7.2011

 

 

 

Committee responsible

       Date announced in plenary

INTA

7.7.2011

 

 

 

Committee(s) asked for opinion(s)

       Date announced in plenary

AFET

7.7.2011

DEVE

7.7.2011

BUDG

7.7.2011

 

Not delivering opinions

       Date of decision

DEVE

29.8.2011

BUDG

6.7.2011

 

 

Rapporteur(s)

       Date appointed

Metin Kazak

13.7.2011

 

 

 

Discussed in committee

22.11.2011

26.3.2012

 

 

Date adopted

26.4.2012

 

 

 

Result of final vote

+:

–:

0:

20

1

2

Members present for the final vote

William (The Earl of) Dartmouth, Laima Liucija Andrikienė, Maria Badia i Cutchet, David Campbell Bannerman, Yannick Jadot, Metin Kazak, Bernd Lange, Vital Moreira, Godelieve Quisthoudt-Rowohl, Niccolò Rinaldi, Peter Šťastný, Keith Taylor, Jan Zahradil, Paweł Zalewski

Substitute(s) present for the final vote

Josefa Andrés Barea, George Sabin Cutaş, Albert Deß, Béla Glattfelder, Maria Eleni Koppa, Elisabeth Köstinger, Marietje Schaake, Jarosław Leszek Wałęsa, Pablo Zalba Bidegain

Date tabled

3.5.2012