Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-01-16-Speech-4-018"
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"en.20030116.1.4-018"2
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"Mr President, President of the EBRD, Commissioner, this first decade in the life of the European Bank for Reconstruction and Development has been marked by highs and lows. The Markov report paints a very positive picture, particularly, of course, since it refers to the last few years. This is, in many ways, understandable, but in the past, even the recent past – with the Russian crisis and so on – problems have emerged that have led to unsatisfactory or even downright disastrous results, as in the case I have just mentioned of the Russian crisis, which affected the EBRD as well as many other international financial institutions. This is probably due to one of the major contradictions that exist in the EBRD’s institutional activities: the fact that it promotes market economics using a non-market instrument, that is a loan guaranteed by public funds, having the possibility – also mentioned in the Markov report – of taking risks that other institutions would not take.
This leads me on to a rather sensitive aspect of the EBRD’s activity – an aspect of which the institutions’ top echelons are aware, as I well know – which is the risk that EBRD funding may squeeze out private risk capital and the development of endogenous credit in these countries. It is a difficult balance to strike, and one which I believe should be given careful attention. It is important not to let EBRD intervention end up penalising the growth of a private credit sector.
Two more points before I close: I think that attention should be focused more and more in future on neighbouring countries and less and less on the countries joining the European Union, precisely because the risk of squeezing out a nascent private market economy in these countries is greater. Lastly, I turn to the European Union as the majority EBRD shareholder. We invest in the Ukraine, for instance, through the EBRD. This is admirable, but we are giving with one hand and taking away with the other through trade restrictions which weigh very heavily on a country like the Ukraine. Our two hands need to work in harmony."@en1
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