Mr President, I too would like to welcome Mr Lemierre and his colleagues to Parliament. His speech gave us a feeling that there is a combination of idealism, and also very considerable practicality, in the way they approach their job. I would also like to congratulate Mr Markov on his report. He has devoted much care, conscientious effort and good sense to assessing the role and performance of the European Bank for Reconstruction and Development. His comments are measured and are a positive contribution to the EBRD's future. I recently read in the press the title 'The little-known EBRD'. Perhaps relative to its early days it is quite pleased to have that sobriquet, but if that is indeed the case, it is time that the EBRD became a lot better known. Perhaps this exposure in Parliament will help in that direction. This is the first time, as has already been said, that Parliament has reported on the bank, even though the majority of its capital and votes are held by EU Member States and EU institutions, even though it has played, and continues to play, a vital role in helping many of the accession states to develop their economies and political institutions to the standards which their people seek, and which will permit them a smooth entrance into the European Union family. That is not all. The EBRD is also making a critical contribution to the countries which will border the enlarged European Union. It is of considerable interest that last November the EBRD announced a new strategy for its Russian operations which will extend its work into the regions of Russia, away from Moscow and St Petersburg, and help diversify the Russian economy so that it is no longer over-dependent on natural resources. The EBRD is the largest single foreign investor in Russia, and Russia is the largest country in its portfolio. Also of concern to us in the European Union is the work done by the bank in Yugoslavia, and the former republics of Yugoslavia and the Balkans. It is critical to the peace and security of our continent that these countries be assisted to reach a state of economic and political stability from which they too can advance to membership of the European Union in due course. In its objectives the EBRD is unique for such an institution, in that it not only aims to provide for economic progress, but also has a very specific duty to help its client countries develop a democratic culture and the necessary democratic institutions and procedures. The monitoring and measurement of its success must therefore take into account how far it has achieved its aims, both economic and democratic. It is difficult to be other than impressed by the EBRD's track record. The Group will be supporting Mr Markov's report as it stands. We will vote against all but two of the amendments which have been tabled, as they do nothing to enhance the report. The exceptions concern the newly launched public information policy, which we welcome. We will therefore support Amendments 2 and 4, which also welcome and encourage a more open and transparent approach. Hopefully, the next time Parliament drafts a report on the EBRD, it will be to welcome the continuing success of a well-known and widely esteemed institution. I wish the EBRD, its President, Mr Lemierre, its staff and its clients continuing success in 2003 and in the longer-term future. Their success is vitally important to us all.

Political group: PPE-DE