The European Court of Justice to suspend the EIB mandate for a year, waiting for more democratic procedures and consultations with the European Parliament.
Rome, November 11, 2008 - CRBM very much welcomes the decision of the European Court of Justice to annul the mandate for the loans given out by the EU peridiocamente member states to the European Investment Bank (EIB). The court upheld the action of the European Parliament Cheh asked the mechanism for co-decision, openly admits that the external financing of the bank is not consistent with the European development policies, setting in 12 months the period within which to make a new mandate on basis of objectives and new procedures. If this deadline is not respected the EIB's operations in Asia, Latin America and neighboring countries would be suspended.
The Court's decision is of historic significance as the first democratically elected institution to confer jurisdiction on the parameters and policies for loans from the European Bank for Investment and clarifies once and for all that loans outside the EU must be part of development policies, as well as for years the network supports Counter Balance, which is part of the CRBM.
"We are very pleased that the Court of Justice has acknowledged what we and other European NGOs say almost a decade, or that the Bank must answer for its actions and can not act undisturbed and no one can control its activities," said Antonio Tricarico, coordinator of the CRBM. "The loan of hundreds of millions of euro that the EIB has granted around the world should be monitored carefully, because too often in the past have funded projects that have not been of no use for the development of local populations, but that only brought benefits to large corporations and serious negative consequences for the environment, "he said Tricarico.
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