Financial Instruments: the regulatory framework

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Presentation transcript:

Financial Instruments: the regulatory framework Antoine Quero, DG Budget (European Commission) "New financial instruments and the role of national promotional banks for the benefit of European SMEs" Public Hearing - European Parliament, BUDG Committee Brussels, 26 April 2016

Principles underpinning the regulatory framework of EU financial instruments: Flexibility to ensure reactivity and compatibility with market conditions. Accountability to verify pertinence regularly.

How is flexibility achieved? Basic rules established in the Financial Regulation (arts. 139-140). Generic authorization to use financial instruments in the basic acts (Horizon 2020, COSME, CEF…). Detailed design left to the Commission.

How is accountability achieved? Objective performance indicators (e.g. leverage, market demand). Detailed reporting obligations (art. 140.8 FR). Continuity conditional to performance (art. 140.9 FR).

Implementation modes: Both direct and indirect management are possible (art. 139.4 FR). Indirect management: by entrusting tasks to eligible entities (e.g. EIB, NPBs… art. 58.1.c FR)

Strengths of the regulatory framework: Balanced set of rules: market compatibility vs. public accountability. Transparency. Implementation rests on public financial institutions.

Challenges: Raise financial expertise on the design side (Commission, managing authorities) and the control side (EP, Council). Increase ex-ante assessment capability. Widen delivery channels.