Macro-Financial Assistance to third countries ***I Amendments adopted by the European Parliament on 24 May 2012 to the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries (COM(2011)0396 – C7-0187/2011 – 2011/0176(COD))
Date: 2012-05-24
Institutions: European Parliament
Subjects: EU aid, International Monetary Fund, financial aid, financial cooperation, third country








CE2013264EN.01011901.xml










13.9.2013   


EN


Official Journal of the European Union


CE 264/119





Thursday 24 May 2012Macro-Financial Assistance to third countries ***I
P7_TA(2012)0220
Amendments adopted by the European Parliament on 24 May 2012 to the proposal for a regulation of the European Parliament and of the Council laying down general provisions for Macro-Financial Assistance to third countries (COM(2011)0396 – C7-0187/2011 – 2011/0176(COD)) (1)

2013/C 264 E/25
(Ordinary legislative procedure: first reading)






TEXT PROPOSED BY THE COMMISSION


AMENDMENT





Amendment 1






Proposal for a regulation


Title














Amendment 2






Proposal for a regulation


Recital 1 a (new)





 










(1a)






Union macro-financial assistance should be used to provide exceptional financial assistance to third countries that have run into temporary balance of payment difficulties. Unlike other Union instruments providing direct support for its external policies (such as the Instrument for Pre-accession Assistance

 (2), 
the European Neighbourhood Instrument

 (3), 
the Development Cooperation Instrument

 (4)

etc), macro-financial assistance should not be used to provide regular financial support nor have as its primary aim supporting the economic and social development of the beneficiary countries. Nor should macro-financial assistance be used akin to conditional debt forgiveness grants.











Amendment 3






Proposal for a regulation


Recital 2











(2)




At present, macro-financial assistance to third countries is based on ad-hoc country specific decisions of the European Parliament and of the Council. This reduces
 the efficiency and effectiveness of the assistance 
by causing unnecessary delays between requests for macro-financial assistance and their actual implementation
.












(2)




The framework regulation aims at clarifying the rules and improving
 the efficiency and effectiveness of the 
Union
 assistance, 
inter alia by strengthening the application of the pre-conditions, improving transparency and formalising the political assessment by the Commission, and by improving the democratic effectiveness and democratic scrutiny
.









Amendment 4






Proposal for a regulation


Recital 3











(3)


A framework for delivering macro-financial assistance to third countries 
with which the Union has important political, economic and commercial ties
 should 
make the assistance more effective. In particular, it should be possible to provide macro-financial assistance to third countries to
 encourage them to adopt economic policy measures likely to solve a balance of payments crisis.












(3)


A framework for delivering macro-financial assistance to third countries should encourage them to adopt economic policy measures likely to solve a balance of payments crisis.









Amendment 5






Proposal for a regulation


Recital 5













(5)






The adoption of a general regulation for macro-financial assistance based on Articles 209 and 212 is without prejudice to the provisions of Article 213 of the Treaty, governing urgent financial assistance to third countries, and of the related prerogatives of the Council.










deleted







Amendment 6






Proposal for a regulation


Recital 7











(7)


In its conclusions of 8 October 2002, the Council established criteria (the so-called Genval criteria) to guide the 
EU'
s macro-financial assistance operations. It is appropriate to 
formalise
 these criteria in a legal act 
endorsed
 by 
both
 the Parliament and the Council 
while updating and clarifying them
.












(7)


In its conclusions of 8 October 2002, the Council established criteria (the so-called Genval criteria) to guide the 
Union
 macro-financial assistance operations. It is appropriate to 
update and clarify
 these criteria in a legal act 
adopted
 by the 
European
 Parliament and the Council, 
inter alia in relation to the criteria for determining the appropriate form of assistance (loan, grant or combination thereof)
.









Amendment 7






Proposal for a regulation


Recital 8











(8)


Appropriate procedures and instruments should be provided for in advance to enable the Union to 
ensure that
 macro-financial assistance 
can be made
 available expeditiously, especially when circumstances call for immediate action. 
This would also
 increase the clarity and transparency of the criteria applicable to the implementation of macro-financial assistance.












(8)


Appropriate procedures and instruments should be provided for in advance 
in order
 to enable the Union to 
make
 macro-financial assistance available expeditiously, especially when circumstances call for immediate action 
and to
 increase the clarity and transparency of the criteria applicable to the implementation of macro-financial assistance.









Amendment 8






Proposal for a regulation


Recital 9











(9)


The Commission should ensure that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.












(9)


The Commission should ensure 
in its choice of beneficiary countries and in the content of the Memorandums of Understanding
 that macro-financial assistance is in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies.









Amendment 9






Proposal for a regulation


Recital 9 a (new)





 










(9a)






Macro-financial assistance is also a tool of Union foreign policy and should serve to enhance the visibility and influence of the Union beyond its borders. Close involvement of the European External Action Service (EEAS) for the purpose of coordination and the consistency of Union external policy should be ensured throughout the whole macro-financial assistance operation.











Amendment 10






Proposal for a regulation


Recital 10











(10)


Macro-financial assistance should 
support
 the beneficiary countries' 
commitments
 to common values with the Union, including democracy, the rule of law, good governance, respect for human rights, sustainable development and poverty reduction, as well as to the principles of open, rules-based and fair trade.












(10)


Macro-financial assistance should 
include measures to improve
 the beneficiary countries' 
commitment
 to common values with the Union, including democracy, the rule of law, good governance, respect for human rights, 
the fight against forced child labour, support for
 sustainable development and poverty reduction, as well as to the principles of open, rules-based and fair trade. 
The fulfilment of these objectives should be regularly monitored by the Commission.











Amendment 11






Proposal for a regulation


Recital 13













(13)




Macro-financial assistance should be complementary to the resources provided by the International Monetary Fund and other multilateral financial institutions and there should be a fair burden sharing with other donors. Macro-financial assistance should 
ensure
 the added value of the involvement of the Union.














(11a)






In general
 macro-financial assistance should be complementary to the resources provided by the International Monetary Fund and other 
European or
 multilateral financial institutions and there should be a fair burden sharing with 
those institutions and
 other donors. Macro-financial assistance should 
be provided where it ensures
 the added value of the involvement of the Union.









Amendment 12






Proposal for a regulation


Recital 13 a (new)





 










(13a)






In order to ensure that macro-financial assistance can meet the demands caused by urgent economic crises, the Union should ensure that sufficient financial resources are allocated to its budget. It is also necessary to ensure that macro-financial assistance is available to all eligible countries regardless of their economic size and applied appropriately in conjunction with the Union's other external financing instruments.











Amendment 13






Proposal for a regulation


Recital 14 a (new)





 










(14a)






In order to achieve a balance between the need for effectiveness and efficiency of Union assistance on the one hand, and greater coherence, transparency and democratic scrutiny on the other, the power to adopt acts in accordance with Article 290 of the Treaty of the Functioning of the European Union should be delegated to the Commission in respect of eligible countries and territories and granting assistance to particular countries and territories. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.











Amendment 14






Proposal for a regulation


Recital 15











(15)


In order to ensure uniform conditions for the implementation of this Regulation, 
as regards the approval and management of macro-financial assistance operations in beneficiary countries
, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) 182/2011 of the European Parliament and of the Council laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers.












(15)


In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) 
No
 182/2011 of the European Parliament and of the Council 
of 16 February 2011
 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers.









Amendment 15






Proposal for a regulation


Recital 16













(16)






The examination procedure should be used for the adoption of implementing decisions defining the amount, form, duration and general conditions of individual macro-financial assistance operations given that such decisions have substantial budgetary implications.










deleted







Amendment 16






Proposal for a regulation


Recital 17













(17)






The advisory procedure should be used for the adoption of the Memorandum of Understanding (MoU) laying down the economic policy measures associated with the Union's macro-financial assistance given that the MoU is not an implementing act of general scope, nor an act entailing budgetary implications or implications for third countries beyond those already entailed by the decision granting the assistance.










deleted







Amendment 17






Proposal for a regulation


Article 1 – paragraph 1





1.   This Regulation lays down general provisions for the granting of macro-financial assistance to eligible third countries and territories 
as set out in
 Article 2.


1.   This Regulation lays down general provisions for the granting of 
Union
 macro-financial assistance to eligible third countries and territories 
referred to in
 Article 2 
(the ‘beneficiary countries’)
.





Amendment 18






Proposal for a regulation


Article 1 – paragraph 2





2.   Macro-financial assistance shall be an exceptional financial instrument of untied and undesignated balance-of-payments support to 
eligible third
 countries 
and territories
. It shall aim at restoring a sustainable external finance situation for countries facing external financing difficulties. It shall underpin the implementation of strong adjustment and structural reform measures designed to remedy balance of payments difficulties.


2.   Macro-financial assistance shall be an exceptional financial instrument of untied and undesignated balance-of-payments support to 
beneficiary
 countries. It shall aim at restoring a sustainable external finance situation for 
beneficiary
 countries facing external financing difficulties. It shall underpin the implementation 
by such beneficiary countries
 of 
relevant bilateral agreements and programmes with the Union and shall be aimed at
 strong adjustment and structural reform measures designed to remedy balance of payments difficulties.





Amendment 19






Proposal for a regulation


Article 1 – paragraph 3





3.   Macro-financial assistance may be granted on condition of the existence of a significant and residual external financing gap jointly identified with the multilateral financial institutions over and above the resources provided by the International Monetary Fund (IMF) and other multilateral institutions, despite the implementation of strong economic stabilisation and reform programmes.


3.   Macro-financial assistance may be granted on condition of the existence of a significant and residual external financing gap 
in the respective beneficiary country
 jointly identified with the 
European or
 multilateral financial institutions over and above the resources provided by the International Monetary Fund (IMF) and other 
European or
 multilateral 
financial
 institutions, despite the implementation of strong economic stabilisation and reform programmes 
by the respective beneficiary country
.





Amendment 20






Proposal for a regulation


Article 2 – title






Eligible countries




Eligible countries
and territories






Amendment 21






Proposal for a regulation


Article 2 – introductory part





The third countries and territories eligible for macro-financial assistance shall be:




1.
   The third countries and territories eligible for macro-financial assistance 
provided that they fulfil the conditionality criteria set out in Article 6 (the ‘beneficiary countries’)
 shall be:





Amendment 22






Proposal for a regulation


Article 2 – paragraph 1 – point c











(c)


Other third countries in exceptional and duly justified circumstances. Such countries must be politically, economically and geographically close to the 
European
 Union.












(c)


Other third countries 
that play a determining role in regional stability and are of strategic importance for the Union
, in exceptional and duly justified circumstances. Such countries must be politically, economically and geographically close to the Union.









Amendment 23






Proposal for a regulation


Article 2 – paragraph 1 a (new)





 




1a.
   
The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to amend points 1 and 2 of Annex I in order to update it following appropriate political decisions regarding countries' status as candidate or potential candidate countries or regarding the scope of the European Neighbourhood Policy.







Amendment 24






Proposal for a regulation


Article 2 – paragraph 1 b (new)





 




1b.
   
The Commission shall be empowered to adopt delegated acts in accordance with Article 14a to supplement, when necessary, this Regulation with eligible countries that meet the criteria of point c of paragraph 1 of this Article.







Amendment 25






Proposal for a regulation


Article 4 – paragraph 1





1.   The amounts of macro-financial assistance provided 
in grants
 under this Regulation shall be consistent with the budget appropriations established in the multi-annual financial framework.


1.   The amounts of macro-financial assistance provided under this Regulation 
in the form of a grant
 shall be consistent with the budget appropriations established in the multi-annual financial framework.





Amendment 26






Proposal for a regulation


Article 4 – paragraph 2





2.   The amounts of macro-financial assistance provided 
in loans
 under this Regulation shall be provisioned in accordance with Council Regulation (EC, Euratom) 480/2009 of 25 May 2009 on the Guarantee Fund for external actions.


2.   The amounts of macro-financial assistance provided under this Regulation 
in the form of a loan
 shall be provisioned in accordance with Council Regulation (EC, Euratom) 
No
 480/2009 of 25 May 2009 establishing a Guarantee Fund for external actions.





Amendment 27






Proposal for a regulation


Article 4 – paragraph 3





3.   Annual appropriations shall be authorised by the budgetary authority within the limits of the financial framework. 
The corresponding reference amounts for the period 2011 to 2013 are set out in Annex II.




3.   Annual appropriations shall be authorised by the budgetary authority within the limits of the 
multi-annual
 financial framework.





Amendment 28






Proposal for a regulation


Article 5 – paragraph 1





1.   The amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with 
internationa
l financial institutions, based on a comprehensive and well documented quantitative assessment. In particular, the Commission 
will
 draw on the latest balance of payments projections for the country in question produced by the IMF and take into account the expected financial contributions from multilateral donors.


1.   The 
proposed
 amount of the assistance shall be based on the residual external financing needs of the beneficiary country. These shall be established by the Commission in cooperation with 
the IMF and other European or multilateral
 financial institutions, based on a comprehensive and well documented quantitative assessment. In particular, the Commission 
shall
 draw on the latest balance of payments projections for the 
beneficiary
 country in question produced by the IMF 
and other European or multilateral financial institutions
 and take into account the expected financial contributions from multilateral donors 
as well as pre-existing deployment of the Union's other external financing instruments in the respective beneficiary country.







Amendment 29






Proposal for a regulation


Article 5 – paragraph 2





2.   The determination of the 
amounts
 of macro-financial assistance shall also take into account the need to ensure a fair burden sharing 
with
 other donors.


2.   The determination of the 
amount
 of macro-financial assistance shall also take into account the need to ensure a fair burden sharing 
between the Union and the
 other donors. 
The Union's contribution should be sufficient to guarantee that it brings Union added value and should not normally be below 20 %.







Amendment 30






Proposal for a regulation


Article 5 – paragraph 3





3.   In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission, 
acting in accordance with Article 14(2), may decide
 to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.


3.   In case the financing needs of the beneficiary country decline fundamentally during the period of disbursement of the macro-financial assistance, the Commission 
shall re-assess the economic and financial situation in the beneficiary country and
, 
based on that assessment, shall be empowered to adopt delegated acts in accordance with Article 14a to amend Annex IIa
, to reduce the amount of funds made available in the context of the assistance, suspend or cancel the assistance.





Amendment 31






Proposal for a regulation


Article 6 – paragraph 1





1.   A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights.


1.   A pre-condition for granting macro-financial assistance shall be that the recipient country respects effective democratic mechanisms, including multi-party parliamentary systems, the rule of law and respect for human rights. 
This assessment shall be entrusted to the EEAS in cooperation with the Commission and shall take into consideration the resolutions and reports adopted by the European Parliament concerning beneficiary countries. The assessment may identify policy recommendations as regards the strengthening of democratic institutions, human rights, transparency and the fight against corruption. This report shall be added to each individual delegated act referred to in Article 7(3). With a view to protecting Union democratic values and interests and reinforcing beneficiary countries' respect for fundamental rights, the Memorandum of Understanding shall include country specific recommendations that are consistent with Union external policies aimed at strengthening the rule of law, human and labour rights, transparency and combating corruption.







Amendment 32






Proposal for a regulation


Article 6 – paragraph 2





2.   Macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources.


2.   Macro-financial assistance shall be conditional on the existence of an IMF programme entailing the use of IMF resources 
or that of another European or multilateral financial institution.







Amendment 33






Proposal for a regulation


Article 6 – paragraph 3





3.   The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme. It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.


3.   The disbursement of the assistance shall be conditional on a satisfactory track record of an IMF programme 
or that of another European or multilateral financial institution and of respect for the political and value-based principles.
 It shall also be conditional on the implementation, within a specific time frame, of a series of clearly defined economic policy measures focusing on structural reforms, to be agreed between the Commission and the beneficiary country and to be laid down in a Memorandum of Understanding.





Amendment 34






Proposal for a regulation


Article 7 – paragraph 2





2.   
If
 the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met, macro-financial assistance 
shall be granted by
 the Commission 
acting in accordance with Article 14(2).




2.   
Upon receiving the request, the Commission shall make an assessment as to whether
 the conditions referred to in Article 1, Article 2, Article 4 and Article 6 are met 
for granting
 macro-financial assistance. 
If those conditions are met
, the Commission 
shall determine in its decision the amount and the form of the assistance under the conditions referred to in Article 5 and Article 3 respectively.







Amendment 35






Proposal for a regulation


Article 7 – paragraphs 3 and 3a (new)





3.   The decision to provide a loan 
shall specify
 the amount, the maximum average maturity, the maximum number of instalments of the macro-financial assistance. The decision to provide a grant 
shall specify
 the amount, and the maximum number of instalments. 
In both cases the availability period of the macro-financial assistance shall be defined.
 As a rule, 
it
 shall not exceed three years.


3.   
For the purpose of paragraph 2 the Commission shall be empowered to adopt delegated acts in accordance with Article 14a to establish and to amend Annex IIa in order to provide macro-financial assistance to a particular country or territory. In the delegated act the Commission shall, inter alia, stipulate the following:






 










(a)





in all cases, the beneficiary of the assistance, the total maximum amount of the assistance, the form of the assistance, and the availability period of the assistance;








 










(b)






in case of
 the decision to provide a loan, the amount, the maximum average maturity, 
and
 the maximum number of instalments of the macro-financial assistance;








 










(c)






in case of
 the decision to provide a grant, the amount, and the maximum number of instalments. 
The decision to provide a grant shall be accompanied by a justification for the grant (or grant element) of assistance.










 




3a.
   As a rule, 
the availability period of the macro-financial assistance
 shall not exceed three years.





Amendment 36






Proposal for a regulation


Article 7 – paragraph 4





4.   Following the 
approval
 of the 
decision
 granting macro-financial assistance, the Commission, 
acting in accordance with Article 14(3)
, shall agree the policy measures referred to in 
Article
 6(3), (4), (5) and (6) with the beneficiary country.


4.   Following the 
adoption
 of the 
delegated act on
 granting macro-financial assistance, the Commission, 
in close cooperation with the EEAS
, shall 
be empowered to adopt delegated acts in accordance with Article 14a to
 agree 
in the Memorandum of Understanding
 the policy measures referred to in 
Article 6(1)
, (3), (4), (5) and (6) with the beneficiary country.





Amendment 37






Proposal for a regulation


Article 7 – paragraph 5





5.   Following the 
approval
 of the 
decision
 granting macro-financial assistance, the Commission shall agree the detailed financial terms of the assistance with the beneficiary country. These shall be laid down in a Grant or Loan Agreement.


5.   Following the 
adoption
 of the 
delegated act on
 granting macro-financial assistance, the Commission shall agree the detailed financial terms of the assistance with the beneficiary country. These shall be laid down in a Grant or Loan Agreement.





Amendment 38






Proposal for a regulation


Article 7 – paragraph 6





6.   The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents.


6.   The Commission shall inform the European Parliament and the Council of developments in country-specific assistance and provide them with the relevant documents 
in due time
.





Amendment 39






Proposal for a regulation


Article 9 – paragraph 2





2.   The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in 
Article
 6(2) and 6(3).


2.   The assistance shall be disbursed in successive instalments, conditional upon the fulfilment of the conditions referred to in 
Article 6(1)
, (2) and (3).





Amendment 40






Proposal for a regulation


Article 9 – paragraph 3





3.   The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and 6(3) continue to be met.


3.   The Commission shall verify at regular intervals that the conditions referred to in Article 6(2) and (3) continue to be met. 
The EEAS shall verify at regular intervals, and without delay in the case of unforeseen developments, that the conditions referred to in Article 6(1) continue to be met, and inform the Commission accordingly.







Amendment 41






Proposal for a regulation


Article 9 – paragraph 4





4.   In case the conditions referred to in 
Article
 6(2) and 6(3) are not met, the Commission can temporarily suspend, reduce or cancel the disbursement of the assistance.


4.   In case the conditions referred to in 
Article 6(1)
, (2) and (3) are not met, the Commission, 
in close cooperation with the EEAS
, can temporarily suspend, reduce or cancel the disbursement of the assistance.





Amendment 42






Proposal for a regulation


Article 9 – paragraph 4 a (new)





 




4a.
   
In these instances, and in case the suspension of the operation is lifted after consultation of the EEAS, the Commission shall inform the European Parliament and the Council of the reasons thereof.







Amendment 43






Proposal for a regulation


Article 11 – paragraph 1





1.   Beneficiary countries shall regularly check that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.


1.   
Any agreements resulting from this Regulation shall contain provisions ensuring that
 beneficiary countries shall regularly check that financing provided from the budget of the Union has been properly used, take appropriate measures to prevent irregularities and fraud, and, if necessary, take legal action to recover any funds provided under this Regulation that have been misappropriated.





Amendment 44






Proposal for a regulation


Article 11 – paragraph 3 a (new)





 




3a.
   
The Memorandum of Understanding referred to in Article 6(3) and any other agreements resulting from this Regulation shall ensure the rights of the Commission and the Court of Auditors under paragraphs 2 and 3 of this Article during and after the availability period of the macro-financial assistance.







Amendment 45






Proposal for a regulation


Article 12 – paragraph 1





1.   The Commission shall regularly evaluate the results and efficiency of macro-financial assistance in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations.


1.   The Commission shall regularly evaluate the results and efficiency of macro-financial assistance 
regarding each and every particular recipient country or territory
 in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations. 
When evaluating the functioning of the political conditionality under Article 6(1), the Commission shall consult the EEAS
.





Amendment 46






Proposal for a regulation


Article 12 – paragraph 2





2.   The Commission shall send ex-post evaluation reports to the European Parliament 
and
 the Council, assessing the extent to which recently completed 
MFA
 operations have contributed to the aims of the assistance.


2.   The Commission shall send ex-post evaluation reports to the European Parliament, the Council 
and the Court of Auditors
, assessing the extent to which recently completed 
macro-financial assistance
 operations 
regarding a particular recipient country or territory
 have contributed to the aims of the assistance.





Amendment 47






Proposal for a regulation


Article 12 – paragraph 2 a (new)





 




2a.
   
The Court of Auditors shall audit the financial management of the assistance.







Amendment 48






Proposal for a regulation


Article 14 – paragraph 3







3.
   
Where reference is made to this paragraph, Article 4 of Regulation (EU) 182/2011 shall apply.






deleted







Amendment 49






Proposal for a regulation


Article 14 a (new)





 



Article 14a


Exercise of the delegation





 




1.
   
The power to adopt delegated acts referred to in Articles 2(1a), 2(1b), 5(3), 7(3) and 7(4) shall be conferred on the Commission for a period of applicability of this Regulation.






 




2.
   
The delegation of power may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.






 




3.
   
As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and the Council.






 




4.
   
A delegated act adopted pursuant to Articles 2(1a), 2(1b), 5(3), 7(3) and 7(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of the act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.







Amendment 50






Proposal for a regulation


Article 14 b (new)





 



Article 14b


Review





 




1.
   
No later than … (5) and every four years thereafter, the Commission shall present to the European Parliament and the Council a report on the application of this Regulation.






 




2.
   
The report referred to in paragraph 1 shall include a detailed overview of macro-financial assistance granted under this Regulation and shall be accompanied, if appropriate, by a legislative proposal for a review of this Regulation.







Amendment 51






Proposal for a regulation


Article 15





This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union 
and shall expire on 31 December 2013
.


This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.





Amendment 52






Proposal for a regulation


Annex II





 




Annex deleted.







Amendment 53


Proposal for a regulation


Annex II a (new)


Amendment by Parliament



ANNEX II a




MACRO-FINANCIAL ASSISTANCE TO PARTICULAR COUNTRIES AND TERRITORIES
















Beneficiary of assistance






Total maximum amount of assistance






Form of assistance






Availability period of assistance








Loan






Grant








Amount






Maximum average maturity






Maximum number of instalments






Amount






Maximum number of instalments








…






…






…






…






…






…






…






…








(1)  The matter was referred back to the committee responsible for reconsideration pursuant to Rule 57(2), second subparagraph (A7- 0157/2012).

(2)  
Regulation No … of the European Parliament and of the Council of … on the Instrument for Pre-accession Assistance (IPA II) (OJ …)



(3)  
Regulation No … of the European Parliament and of the Council of … establishing a European Neighbourhood Instrument (OJ …)



(4)  
Regulation No … of the European Parliament and of the Council of … establishing a financing instrument for development cooperation (OJ …)



(5)  
Four years after the entry into force of this Regulation
.