Luxembourg Economic Talks
February 26, 2014
at European Investment Bank ( EIB)
and European Court of Auditors (ECA)
Important objectives of the European Union are creating more growth and employment, economic and social cohesion and environmental sustainability in Europe and beyond. To achieve these objectives the EU uses its own financial resources from the EU budget and provides indirectly capital market funding through the European Investment Bank. The European Investment Bank is in volume terms with more than 70 billion Euros the largest multilateral borrower and lender worldwide. It provides financing and expertise for sound and viable projects that contribute to achieving the EU's objectives. More than 90 % of their activities are concentrated on Europe. However the European Investment Bank is in addition responsible for financial aspects of EU development cooperation too. Thus the EIB makes an important contribution to the development and functioning of the economy - not only in the European Union.
The direction of impact of the European Court of Auditors (ECA) is completely different. However the power and importance of this EU institution is just as important for the functioning and the development of Europe. Because here it’s about controlling the efficient and proper use of public EU funds. Each Euro which is not inserted properly or wasted is missed elsewhere where it could be more effective.
Thus both EU institutions play an important role for Europe!
With our EES Economy Talk we want - on the one hand - to give a deeper insight into the current work of these two EU institutions and on the other hand looking into the future. What are the future challenges to the European Investment Bank and the European Court of Auditors? Where do they view the focus of their future work? In discussion with the today's speakers the participating EES Senators, representing the European economy, want to make their contribution to and to represent the views of the economy, because corporates know best from practice, they know "where the shoe pinches".
Werner HOYER, President of European Investment Bank (EIB) and
EES President Dr Ingo Friedrich
Conference Room of EIB, View on the Participants
Henri GRETHEN, Member of Luxembourg at the European Court of Auditors (ECA)
Delegation of Ukrainian Senators with Interpreters