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EU development ministers on the future of the European financial architecture for development

State Secretary Stanislav Raščan participated in an informal video conference of the EU Foreign Affairs Council attended by EU development ministers. They discussed the future of the European financial architecture for development.

State Secretary at the desk and screen with participants

State Secretary Raščan at the meeting | Author Ministrstvo za zunanje zadeve

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The ministers discussed the presentation of the final report of the feasibility study on enhancing European financial architecture for development (EFAD), which provides a comprehensive analysis of three possible scenarios for its future functioning.

The ministers expressed their preference for the scenario aimed at improving cooperation between the existing financial institutions, whereby significant systemic changes are not necessary (“status quo +” in Scenario C). This scenario is based on the belief that the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) operate effectively, with the accent on using the advantages of existing institutions and the need to improve coordination of the existing system. This approach is also better recognised and more visible in the EU.

State Secretary Raščan was delighted that development ministers were exploring this topic, which complements a similar discussion held by the EU finance ministers. This ensures that the development aspects receive appropriate consideration when elaborating EU decisions. Enhanced cooperation between all development actors in the EU is the way forward to achieve a more efficient development policy. Slovenia is also keen to underline the importance of national development banks and agencies that should be integrated into the future financial architecture of the EU. Attention should be devoted to small actors with other comparative values, who can offer many advantages through their active operation.