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If the EU wants to credibly offer a fair partnership distinct from Russia and China, it must restore trust, take priorities seriously, fund more effectively, and increase labor migration.
The European Union (EU)’s arsenal of development finance instruments comprises grants, budget support, blends of grants and loans, guarantees, and trust funds. But little attention has been paid to its macro-financial assistance (MFA) tool. Since the 1990s, it has been deployed to help countries in the EU neighbourhood that face balance-of-payment crises. Recently, a special MFA+ instrument of EUR18 billion was deployed in the form of highly concessional loans with long maturities to provide immediate finance assistance to Ukraine.
The EU will only win the economic war against Russia if it acts united and quickly.
Today, the European Commission and the European Investment Bank (EIB) signed an ambitious Guarantee Agreement through which the European Commission will support up to €26.7 billion of EIB financial operations to enable crucial public investments in sectors like clean energy, digital and transport infrastructure, health and education over the next seven years, rolling out Global Gateway worldwide.
The European Commission and the High Representative for Foreign Affairs and Security Policy on 1 December launched the Global Gateway, the new European Strategy to boost smart, clean and secure links in digital, energy and transport and strengthen health, education and research systems across the world.