This site has been archived on 27/01/17

Navigation path

Commission proposal to increase the ceiling for balance-of-payments support

The Commission has today taken steps to enable a rapid response to requests for financial assistance from EU countries outside the euro area.

8 April 2009.

Following the political agreement reached at the last European Council meeting, the Commission has adopted a proposal to increase the ceiling in Council Regulation 332/2002 for balance-of-payments support to Member States outside the euro area to €50 billion (doubling the €25 billion agreed in early December 2008).

The proposal to amend Regulation 332/2002 also includes some clarifications on the respective role of the Commission and of the Member States and some technical adjustments to the financial management of the funds.
Before it can enter into force, the proposal must be adopted by the Council, after consulting the European Parliament and having regard to the opinion of the European Central Bank.

>> Proposal for a Council Regulation amending Regulation (EC) No 332/2002, establishing a facility providing medium-term financial assistance for Member States' balances of payments  COM(2009)169 final.