Communication from the Commission. Communication from Vice-President Rehn in agreement with the President

This report responds to decisions of the European Parliament and of the Council 1219/2011/EU of 16 November 2011 and 602/2012/EU of 4 July 2012 which introduce a new requirement for the EU Governor of the European Bank for Reconstruction and Development (EBRD) to report annually to the European Parliament.

The EBRD was established in 1990 following the collapse of communist regimes in Europe and the Soviet Union. Its mandate is to “foster transition towards open market-oriented economies and to promote private and entrepreneurial initiative” across Central and Eastern Europe, Central Asia and, most recently, the Southern and Eastern Mediterranean region. The Bank currently operates in 34 countries across these regions and supports projects that cannot be fully financed by the market, primarily in the private sector.

The Bank’s membership compiles 64 countries, the EU and the EIB. Collectively the European Union and its Member States represent around 64% of the Bank’s shareholding capital. Board Directors representing these constituencies meet regularly to coordinate their views on the Bank’s projects, policies and strategies. This does not always lead to unified positions, however, as Directors representing EU Member States vote as independent shareholders and reflect the priorities of their respective authorities.

All 66 shareholders are represented on the EBRD Board of Governors. The EU representative is appointed by the Commission and is presently Mr Olli Rehn, Vice-President for Economic and Monetary Affairs.

• Primary Source

EUR-Lex: COM(2013)927: Follow the progress of this communication through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2013:927:FIN

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