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Completed Evaluations

The Directorate-General for Economic and Financial Affairs establishes its rolling multi-annual evaluation programme on the basis of its future political priorities and operational needs.


1) Evaluation of the Directorate-General for Economic and Financial Affairs expenditure programmes and operations

2) Evaluation of the Directorate-General for Economic and Financial Affairs policies and non-spending activities


Evaluation of the off-budget treasury and asset management activities managed by ECFIN and in particular its Directorate ECFIN-L ("treasury activities")

The overall aim of the evaluation of the off-budget treasury and asset management activities was to assess the effectiveness and efficiency of the ECFIN treasury activities. So far the treasury activities have been the subject of various controls and audits.  However, there was no recent external review. An evaluation was undertaken by a specialised team of the International Bank for Reconstruction and Development (IBRD) of the World Bank Group under the DG ECFIN framework contract No ECFIN-2013-017-L.

This evaluation was concluded in April 2014.

The scope of the World Bank Peer Review encompassed the entire scope of operations and activities, including aspects such as governance, organisation and structures (e.g. roles and responsibilities, segregation of functions such as front, middle and back office, back-up arrangements, procedures), decision making, investment policy, strategy setting, benchmarking, portfolio management, risk management, performance assessment, monitoring and control, clearing and settlement, human and financial resources, IT systems, operational safety, accountability and reporting.


Ex post evaluation of MFA operations in Moldova

In the framework of the 2012 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Moldova was undertaken by GHK Consulting Limited under the DG ECFIN framework contract (lot 2).

This evaluation was concluded in October 2013.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Moldova from 2010 to 2012.


Ex post evaluation of MFA operations in Serbia

In the framework of the 2012 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Serbia was undertaken by PricewaterhouseCoopers EU Services EESV under the DG ECFIN framework contract (lot 2).

This evaluation was concluded in October 2013.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Serbia from 2009 to 2011.


Ex post evaluation of MFA operations in Armenia

In the framework of the 2012 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Armenia was undertaken by PricewaterhouseCoopers EU Services EESV under the DG ECFIN framework contract (lot 2).

This evaluation was concluded in October 2013.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Armenia from 2011 to 2012.


Ex-post evaluation of Balance of the Payments support operation to Hungary

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of Balance of the Payments support operation to Hungary was undertaken by ECORYS Nederland BV under the DG ECFIN framework contract (lot 1).

This evaluation was concluded in 2013.

The main objective of this ex-post evaluation of BoP assistance is to learn key lessons, which can be applied to future interventions and/or the possible need for a reorientation of the present approach.

This is ex-post evaluation focuses on the EC Balance of Payment Support (BoP) provided to Hungary in the period November 2008 to early 2010.


 

Ex-post evaluation of the European Investment Fund (EIF) own resources activity

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the European Investment Fund (EIF) own resources activity was undertaken by GHK Consulting Limited under the DG ECFIN framework contract (lot 1).
This evaluation was concluded in June 2012.
The scope of the evaluation concerns mainly:

  • Whether the original objectives of the EU as a member of the EIF as well as for the participation in the capital increase have been achieved.
  • Whether the EU shareholding in the EIF has achieved better policy results than other alternatives.
  • The governance structure of the EIF as well as the EU participation in the EIF.
  • The added value of EIF own resources activity compared to other EU actions supporting innovation and SMEs.


The main evaluation issues are the relevance, effectiveness, efficiency and coherence of the EU shareholding in the EIF so as to fulfil its legal and institutional mandate.


 Ex post evaluation of MFA operations in Lebanon

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Lebanon was undertaken by ECORYS Nederland BV under the DG ECFIN framework contract (lot 1).

This evaluation was concluded in May 2012.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.
The evaluation assessed the effects of the MFA operations carried out in Lebanon from 2007 to 2010.


 

Ex post evaluation of MFA operations in Kosovo

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Kosovo was undertaken by ECORYS Nederland BV under the DG ECFIN framework contract (lot 1). This evaluation was concluded in October 2012.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Kosovo from 2006 to 2010.

Final report - Summarypdf(2 MB)


Evaluation of DG ECFIN Business and Consumer Surveys activities (2011)

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the DG's Business and Consumer Survey activities was undertaken by GHK Consulting Limited under the DG ECFIN framework contract (lot 1). This evaluation was concluded in January 2012.

The evaluation concerned the implementation and effects of the survey activities in the Member States. The main evaluation issues covered in the exercise were the effectiveness, efficiency and utility of the instrument. The exercise also included an analysis of user needs and an appreciation of the surveys by three main target groups:

  • policymakers at the EU and Member State level;
  • economic researchers and the academic community;
  • the financial and business community.

The emphasis of this evaluation was on supporting organisational learning and improving the functioning of the DGs Business and Consumer Surveys. The evaluation primarily focused on learning from experience to date and provided recommendations on this basis for improving the way in which survey activities will be implemented in the future


Evaluation of Euratom loan facility

In the framework of the 2010 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of Euratom loan facility was undertaken by the European Policy Evaluation Consortium (EPEC).

This evaluation was concluded in June 2011.

The scope of the evaluation concerns mainly:

  • The relevance and EU added value of the Facility
  • The functioning of the Facility
  • The assessment of the parameters of the Facility

The main evaluation issues are the relevance, effectiveness, efficiency and coherence of the instrument so as to fulfil its legal and institutional mandate.


Evaluation of the Guarantee Fund for External Actions

In the framework of the 2008 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the Guarantee Fund for external actions of DG ECFIN was undertaken by the European Policy Evaluation Consortium (EPEC).

This evaluation was concluded in March 2010.

The scope of the evaluation concerns mainly:

  • The functioning of the Fund
  • The assessment of the parameters of the Fund.

The main evaluation issues are the effectiveness, efficiency and relevance of the instrument so as to fulfil its legal and institutional mandate.


Meta-evaluation of MFA evaluations

In the framework of the 2008 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, a meta-evaluation of MFA evaluations was undertaken by the consortium European Policy Evaluation Consortium (EPEC).

This evaluation was concluded in November 2009.

This meta-evaluation supply a synthesis of the results of the evaluation studies of MFA operations carried out between 2004 and 2008. Furthermore, it verify the reliability and relevance of the methodology, process, outputs, and outcomes of these evaluations.


Ex post evaluation of MFA operations in Moldova

In the framework of the 2008 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Moldova was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in February 2010.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Moldova from 2007 to 2008.


Ex post evaluation of MFA operations in Georgia

In the framework of the 2008 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Georgia was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in January 2010.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Georgia from 2006 to 2008.


Ex post evaluation of MFA operations in Georgia (2011)

In the framework of the 2011 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations in Georgia was undertaken by GHK Consulting Limited under the DG ECFIN framework contract (lot 1).

This evaluation was concluded in April 2012.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Georgia from 2009 to 2010.

Ex post evaluation of MFA operations in Albania

In the framework of the 2007 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Albania was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in April 2008.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Albania between 2004 and 2006.


Ex post evaluation of MFA operations in Serbia and Montenegro

In the framework of the 2007 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Serbia and Montenegro was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in April 2008.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Serbia and Montenegro from 2002 to 2006.


Ex post evaluation of MFA operations in Tajikistan

In the framework of the 2006 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Tajikistan was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in July 2007.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operation in Tajikistan from 2001 to 2006.


Ex post evaluation of MFA operations in Bosnia and Herzegovina

In the framework of the 2006 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operation carried out in Bosnia and Herzegovina was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in July 2007.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operation in Bosnia and Herzegovina from 2002 to 2006.


Ex post evaluation of MFA operations in Armenia

In the framework of the 2003 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance (MFA) operations carried out in Armenia was concluded as an internal evaluation in September 2006.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operations carried out in Armenia in the period 1998-2003. Final report (PDF document).


Ex post evaluation of MFA operations in Romania

In the framework of the 2005 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the fourth macro-financial assistance (MFA) operation carried out in Romania was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in September 2006.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the fourth MFA operation in Romania from 2000 to 2005.


Ex post evaluation of MFA operations in fYRoM

In the framework of the 2005 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the macro-financial assistance operation carried out in the former Yugoslav Republic of Macedonia was undertaken by Ecorys Nederland BV under the DG ECFIN framework contract No ECFIN-160-2005.

This evaluation was concluded in September 2006.

The major objective of the ex-post evaluation of MFA is to learn key lessons, which can be applied to future MFA interventions and/or the possible need for a reorientation of the present approach.

The evaluation assessed the effects of the MFA operation in the former Yugoslav Republic of Macedonia from 2001 to 2005.


Evaluation of Directorate-General for Economic and Financial Affairs information and communication activities on economic and monetary union, including the euro (PRINCE Programme 2004-2006)

In the framework of the 2007 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of DG ECFIN's information and communication activities on Economic and Monetary Union, including the Euro (PRINCE Programme) was undertaken by The European Evaluation Consortium (TEEC).

This evaluation was concluded in March 2008.

The overall aim of this evaluation is to analyse the extent to which the Commission's communication activities between 2004 and 2006 facilitated the introduction of the euro, more specifically as regards new Member States and to come to recommendations as regards the overall communication policy in relation to Economic and Monetary Union.


The evaluation of the information programme for the European citizen "The euro - one currency for Europe" (PRINCE-euro 1996-2002)

The overall aim of the evaluation of this information programme was to analyse the extent to which the Commission's communication activities between 1996 and 2002 facilitated the introduction of the euro.

The focus of the evaluation was largely

  • on learning from this experience and
  • using the lessons to improve future communication strategies to
  • support the introduction of the euro in Member States actually outside the euro zone and the new Member States.
  • Lessons learnt will also support the design and implementation of other related communication initiatives of the Commission.

This evaluation is mainly centred on information actions directly or indirectly implemented between 1996 and 2002 by the European Commission, and financed through the PRINCE programme.

During this period a number of texts and actions were also adopted and implemented by the Commission (referred to as "no-cost" actions in the evaluation), with the primary objective of preparing for the introduction of the euro, and some of which included elements aimed at communicating with and informing target audiences.

It is in this context that a limited number of these initiatives were covered in the evaluation. However, the evaluator was not specifically asked to address this type of initiative in a systematic way and as a consequence most of those introduced by the Commission during the three-year transition period are not mentioned in the report.

Contact: ecfin-evaluations@ec.europa.eu


Business and Consumer Surveys (2005)

In the framework of the 2004 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the DG's Business and Consumer Survey activities was undertaken by The European Evaluation Consortium under the DG Budget framework contract (lot 2). This evaluation was concluded in May 2005.

The evaluation concerned the implementation and effects of the survey activities in the Member States. The main evaluation issues covered in the exercise were the effectiveness, efficiency and utility of the instrument. The exercise also included an analysis of user needs and an appreciation of the surveys by three main target groups:

  • policymakers at the EU and Member State level;
  • economic researchers and the academic community;
  • the financial and business community.

The emphasis of this evaluation was on supporting organisational learning and improving the functioning of the DG’s Business and Consumer Surveys. The evaluation primarily focused on learning from experience to date and provided recommendations on this basis for improving the way in which survey activities will be implemented in the future.


Mid-term evaluation of European Investment Bank external mandate

In the framework of the 2009 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an external evaluation of the European Investment Bank (EIB) external mandate was undertaken by COWI in the context of the mid-term review of the mandate.

This evaluation was concluded in March 2010.

The overall purpose of the evaluation is to serve as a support for amending the decision on the EIB external mandate, including the possible increase of the guarantee ceiling.

The main objective of the evaluation is to provide an in-depth assessment of the relevance, performance and value-added of EIB operations under the 2000-2006 mandates and during the first part of the 2007-2013 mandate, as well as to assess their consistency with relevant EU external policies and strategies.


Evaluation of the Integrated Guideline Package (IGP) for growth and jobs

In the framework of the 2007 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of of the Integrated Guideline Package (IGP) for growth and jobs was undertaken by the consortium Ramboll Management-Matrix-Eureval.

This evaluation was concluded in March 2008.

This evaluation focuses on the IGP, with an emphasis on the practical need for and use of such guidelines. The evaluation contributes to an assessment of whether - and if so how - the IGP have improved policy making in the Member States as well as in the Community. The emphasis of the evaluation is on supporting organisational learning and suggesting possible ways to improve the practical functioning of the IGP.


Evaluation of the Directorate-General for Economic and Financial Affairs' forecasting services

In the framework of the 2006 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the Forecasting services of the Directorate General Economic and Financial Affairs was undertaken by ADE/DIW Berlin.

This evaluation was concluded in April 2008.

The evaluation examines the planning, implementation, outputs and effects of the forecasting activities and assesses how forecasting activities may need to evolve in the context of, amongst other things, changing user needs and possible innovations in the field of forecasting.


Evaluation of the economic evaluation activities of the Directorate-General for Economic and Financial Affairs

In the framework of the 2006 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the economic evaluation activities of DG ECFIN was undertaken by the Istituto per la Ricerca Sociale (IRS).

This evaluation was concluded in August 2007.

The aim of the evaluation is on supporting organisational learning and improving the future functioning of the DG’s ongoing activities in the area of economic evaluation. In this context, evaluation results will be primarily used by the services responsible for implementing the activities. The evaluation will also be used in the context of the European Commission’s Activity-Based Management/Strategic Programming and Planning and Budgetary cycles.


Evaluation of the Economic Research Activities of the Directorate-General for Economic and Financial Affairs

In the framework of the 2005 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the Economic Research Activities of DG ECFIN was undertaken by the Centre for Strategy and Evaluation Services (CSES).

This evaluation was concluded in October 2006.

The aim of the evaluation was to help strengthen the DG's economic research activities and the links with policy-making. Through this evaluation, we wanted to find out how relevant DG ECFIN’s economic research is to its current or potential users and what use they make of it. The evaluators also made an assessment of the academic quality of a sample of our research outputs and compared the organisation of our economic research with other organisations with comparable activities, such as the ECB, OECD and IMF.


Evaluation of Directorate-General for Economic and Financial Affairs public finance surveillance activities

In the framework of the 2008 Evaluation Plan of the Directorate-General for Economic and Financial Affairs, an evaluation of the DG ECFIN's surveillance of public finances was undertaken by the consortium lead by COWI Belgium.

This evaluation was concluded in June 2010.

The aim of this evaluation is to examine the overall planning and implementation with respect to the inputs, outputs and effects of the budgetary surveillance activities in relation with the general Commission objectives. The evaluation also examines DG ECFIN's budgetary surveillance activities within the parameters set by the Treaty and the secondary legislation, in particular the Stability and Growth Pact, for the period 2005 to 2009.


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