Proposal for amendments to the Decision dealing with the renewal of the Community budget guarantee to the EIB

In November 2008, the European Court of Justice (ECJ) annulled the EIB’s main mandate to lend outside the EU, ruling that any new mandate should be based on a section of the Treaty establishing the European Community (EC Treaty) that requires “the sustainable economic and social development of the developing countries, and more particularly the most disadvantaged among them … the campaign against poverty in developing countries … consolidating democracy and the rule of law… [and] respecting human rights and fundamental freedoms.”The ECJ also gave the European Parliament the right to co-decide the new mandate alongside the European Commission, citing “the fundamental democratic principle that the people should participate in the exercise of power through the intermediary of a representative assembly.”

Read our proposed amendments here

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