Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-229-421"

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"en.20121023.13.2-229-421"2
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"The new Financial Regulation for the first time contains provisions on financial planning tools such as project bonds, setting out cases and purposes for which these can be used. In future, the European Commission will be able to establish multi-donor assistance funds of the type that are now fundamental in the field of international cooperation and aid. Although it is one of the world’s largest donor organisations, the EU has hitherto been unable to contribute, for example, to existing United Nations or World Bank aid funds. This will now be possible and will raise the profile of the EU in the field of international aid. The new regulation has broadened Member States’ reporting obligations in respect of the Structural Funds and it also contains a more precise definition, which will enable more effective monitoring. I welcome the fact that the new regulation allows more relaxed EU monitoring of Member States in exchange for guarantees that EU funds will be used appropriately. It is important to emphasise that the work of the European Commission and the European administration will be speeded up as a result of the regulation, as strict rules will be laid down regarding time limits for decisions relating to various payments and funding for particular projects."@en1

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