140-712: The Southern Gas Corridor is an initiative of the European Commission for a natural gas supply route from Caspian and Middle Eastern regions to Europe, proposed in 2008. The goal of the Southern Gas Corridor is to reduce Europe's dependency on Russian gas and add diverse sources of energy supply. The route from Azerbaijan to Europe consists of the South Caucasus Pipeline , the Trans-Anatolian Pipeline , and
280-603: A European ship, prompted the commission to look into legislation against toxic waste. at that time did not even have a crime against shipping toxic waste; this led the Commissioners Franco Frattini and Stavros Dimas to put forward the idea of "ecological crimes". Their right to propose criminal law was challenged in the European Court of Justice but upheld. As of 2007, the only other criminal law proposals which have been brought forward are on
420-537: A commissioner. A commissioner's portfolio can be supported by numerous DGs; they prepare proposals for them and if approved by a majority of commissioners proposals go forward to the Parliament and Council for consideration. The Commission's civil service is headed by a Secretary General . The position is currently held by Ilze Juhansone . The rules of procedure of the European Commission set out
560-539: A dedicated Directorate-General . The European Parliament can dissolve the College of Commissioners as a whole following a vote of no-confidence , which requires a two-thirds vote. Only the President can request the resignation of an individual Commissioner. However, individual Commissioners, by request of the council or Commission, can be compelled to retire on account of a breach of obligation(s) and if so ruled by
700-694: A duty to ensure the treaties and law are upheld, potentially by taking member states or other institutions to the Court of Justice in a dispute. In this role it is known informally as the "Guardian of the Treaties". Finally, the Commission provides some external representation for the Union, alongside the member states and the Common Foreign and Security Policy , representing the Union in bodies such as
840-681: A further significant supply source for the EU. There have been numerous conferences revolving around the project. On 8 May 2009, the summit "Southern Corridor – New Silk Road" was held in Prague , addressing the purpose of the corridor. In 2015, a Southern Gas Corridor Conference was hosted at the University of Houston, Texas. Representatives from gas companies, consulates, and other organizational authorities participated in developing relations and calculating productions. The countries that were represented at
980-400: A greater degree of politicisation within the Commission . The commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries . Each covers a specific policy area such as agriculture or justice and citizens' rights or internal services such as human resources and translation and is headed by a director-general who is responsible to
1120-505: A large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic. Over 60 years since its inception in 1958 to 2018 the EIB has invested over 1.1 trillion euros. It primarily funds projects that "cannot be entirely financed by the various means available in the individual Member States". The EIB is one of the biggest financiers of green finance in
1260-635: A likely candidate (in general, the elected candidate is determined, according to the results of the European election , as winner of the internal election into the dominant European party known as " spitzenkandidat "). While the European People's Party had won the European Parliament election, they had performed worse than expected and therefore nominated von der Leyen instead of Manfred Weber , their original candidate. On 9 September,
1400-613: A majority (17,664) of staff being based in the country. Communication with the press is handled by the Directorate-General Communication . The commission's chief spokesperson is Eric Mamer who holds the midday press briefings, commonly known as the "Midday Presser". It takes place every weekday in the commission's press room at the Berlaymont where journalists may ask questions to the Commission officials on any topic and legitimately expect to get an "on
1540-616: A number of Vice-presidents from among the commissioners. Vice-presidents manage policy areas involving multiple Commissioners. One of these includes the High Representative , who is automatically one of the Vice-presidents ex officio rather than by appointment and confirmation. Commonly referred to as the 'HR/VP' position, the High Representative also coordinates commissioners' activities involving
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#17327728218981680-585: A number of years. Russia's dispute with transit countries is a reason for concern regarding the reliance on the country's imports. The initiative was proposed in the European Commission's Communication "Second Strategic Energy Review – An EU Energy Security and Solidarity Action Plan" (COM/2008/781) in 2008. The European Union identified a number of partner countries for this initiative, such as Azerbaijan , Turkey , Georgia , Turkmenistan , Kazakhstan , Iraq , Egypt and Mashreq countries. Uzbekistan and Iran should represent, when political conditions permit,
1820-655: A package with the EBRD and commercial banks), the Asian Development Bank (ADB) approved in December 2016 an additional US$ 1 billion for the Shah Deniz II gas field. The World Bank approved two US$ 400 million loans for Turkey and Azerbaijan for TANAP. The World Bank's Multilateral Investment Guarantee Agency (MIGA) approved a guarantee of up to US$ 950 million for TANAP against the risk of non-honoring of
1960-502: A portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default . The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside
2100-572: A positive image in Europe to gain support for the Southern Gas Corridor. The corridor is a main reason for the laundering and can explain the government's heavy lobbying at the European level. As a result of the scandal, more than 80 human right activists and opposing politicians were arrested and jailed in Azerbaijan. The Southern Gas Corridor received mixed reactions from the public, and has been
2240-518: A project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners. The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of
2380-601: A result. In 2008, Paul van Buitenen (the former auditor known from the Santer Commission scandal) accused the European Anti-Fraud Office (OLAF) of a lack of independence and effectiveness. Barroso's first Commission term expired on 31 October 2009. Under the Treaty of Nice, the first Commission to be appointed after the number of member states reached 27 would have to be reduced to "less than
2520-473: A source of competition between areas of the Commission and Commissioners themselves. This also leads to an unusually high number of press releases, and is seen as a unique product of the EU's political set-up. There is a larger press corps in Brussels than Washington, D.C.; in 2020, media outlets in every Union member-state had a Brussels correspondent . Although there has been a worldwide cut in journalists,
2660-506: A sovereign financial obligation. The Asian Infrastructure Investment Bank (AIIB) approved a US$ 600 million loan for TANAP at an unannounced extraordinary virtual Board meeting on 21 December. (The AIIB's project summary also states the combined EIB and EBRD support for TANAP as US$ 2.1 billion, which suggests that, like the EIB, the EBRD is considering EUR 1 billion for TANAP.) Currently, the Azerbaijani government (Ministry of Economy of
2800-648: A trillion euros. The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium-sized enterprises (SMEs). In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn). The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to
2940-484: A whole. If the European Parliament submits a negative opinion of a candidate, the President must either reshuffle them or request a new candidate from the member state to avoid the college's outright rejection by the European Parliament. Once the college is approved by parliament, it is formally appointed following a QMV vote by the European Council . Following the college's appointment, the President appoints
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#17327728218983080-550: A wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers. Within the European Commission's Investment Plan for Europe , the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing
3220-527: A €25 billion fund which was endorsed by the European Council as part of the overall European Union COVID-19 response package . All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from
3360-497: Is a not for profit organisation and provides long-term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds. The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including
3500-437: Is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. Currently, there is one member per member state , but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen )
3640-575: Is granted after preliminary screenings of the viability and the carbon emissions associated with the projects. The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus. On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF),
3780-451: Is limited. Through intermediaries, the EIB finances micro-enterprises (0–9 employees), small enterprises (10–49 employees), medium-sized enterprises (50–249 employees), mid-caps (250-3 000 employees). In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million. As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within
3920-495: Is not binding. The commission's powers in proposing law have usually centred on economic regulation. It has put forward a large number of regulations based on a " precautionary principle ". This means that pre-emptive regulation takes place if there is a credible hazard to the environment or human health: for example on tackling climate change and restricting genetically modified organisms . The European Commission has committed EU member states to carbon neutrality by 2050. This
4060-593: Is not such a mirror in creating a European civil society . The Treaty of Lisbon may go some way to resolving the perceived deficit in creating greater democratic controls on the commission, including enshrining the procedure of linking elections to the selection of the Commission president. Historically, the commission had indeed been seen as a technocratic expert body which, akin with institutions such as independent central banks , deals with technical areas of policy and therefore ought to be removed from party politics. From this viewpoint, electoral pressures would undermine
4200-615: Is opposed to weighting regulations for their effect on the economy. Thus, the Commission often proposes stricter legislation than other countries. Owing to the size of the European market, this has made EU legislation an important influence in the global market. On February 23, 2022, the European Commission published the Corporate Sustainability Due Diligence Directive which establishes a framework of due diligence for companies to identify actual or potential risks and harm to human rights and
4340-435: Is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt solutions companies and projects that achieve the policy aims of the European Union through loans, equity and guarantees. The EIB focuses on the areas of climate, environment, small and medium-sized enterprises (SMEs), development, cohesion and infrastructure. It has played
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4480-834: Is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020 ). Through it the EIB Group provides direct financing to mid-caps . The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments . The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance
4620-566: Is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament . The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are then subject to a vote of approval by the European Parliament. The current Commission is the Von der Leyen Commission , which took office in December 2019, following
4760-549: Is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch. Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product. The EIB was founded by the Treaty of Rome , which came into force on 1 January 1958. It was the first of the world's regional development banks and
4900-783: Is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies. The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment. The European Investment Bank
5040-771: Is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union. Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa , Caribbean and Pacific, Asia and Latin America, Central Asia and
5180-568: Is the primary executive arm of the European Union (EU). It operates as a cabinet government , with a number of members of the Commission ( directorial system , informally known as "Commissioners") corresponding to two thirds of the number of Member States, unless the European Council, acting unanimously, decides to alter this number. The current number of Commissioners is 27, including the President. It includes an administrative body of about 32,000 European civil servants. The commission
5320-452: Is the process of improving a company's creditworthiness by taking internal and external measures. The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors. By offering guarantees to small and medium-sized enterprises or mid-caps , the Bank covers
5460-578: The COVID-19 pandemic and the financial crisis of 2007–2008 . Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states. The bank aims to support sustainable economic growth both within
5600-542: The Council of Europe . In these reports, such activities of that Armenian connection are regarded as unilateral and biased hiding private interests of the network behind the purview of the defense of human rights, but the activity of the ESISC itself is characterized as a part of the Azerbaijani propaganda (see European strategic intelligence and security center ). Over ten European media organizations have jointly investigated
5740-686: The Council of the European Union declared a list of candidate-commissioners, which are sent to Brussels by the governments of each member state and which had to be officially approved by the parliament. In September 2024, Von der Leyen revealed her new team of European Commissioners, marking a shift to a "leaner" and more interconnected structure. The lineup featured six executive vice-presidents (EVPs) from France, Finland, Estonia, Italy, Romania, and Spain. These EVPs, including Teresa Ribera and Stéphane Séjourné , were tasked with overseeing various clusters of Commissioners and steering key policy areas such as prosperity, security, and democracy. Raffaele Fitto
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5880-643: The European Atomic Energy Community (Euratom). However, their executives were called "Commissions" rather than "High Authorities". The reason for the change in name was the new relationship between the executives and the Council . Some states, such as France, expressed reservations over the power of the High Authority and wished to limit it by giving more power to the Council rather than the new executives. Louis Armand led
6020-643: The European Parliament elections in May of the same year . The European Commission derives from one of the five key institutions created in the supranational European Community system, following the proposal of Robert Schuman , French Foreign Minister, on 9 May 1950. Originating in 1951 as the High Authority in the European Coal and Steel Community , the commission has undergone numerous changes in power and composition under various presidents, involving three Communities. The first Commission originated in 1951 as
6160-1058: The European Regional Development Fund (ERDF), the European Agricultural Fund for Rural Development (EAFRD), the European Social Fund Plus (ESF+), the European Maritime, Fisheries and Aquaculture Fund (EMFAF), and the Asylum, Migration and Integration Fund (AMIF). Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants ; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice. The EIB has partnerships with organisations across
6300-554: The High Representative by the European Council, each Commissioner is proposed by their member state (except for those states who provided the President and High Representative) in consultation with the Commission President and the Council of the European Union , who formally adopts the list of candidates. The President's proposed College of Commissioners is then subject to hearings at the European Parliament which will question them and then vote on their suitability as
6440-582: The International Energy Agency , "no more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2 °C goal". The European Investment Bank has stated its commitment to control climate change, yet is still aiming to finance the corridor. With the SGC, one of the goals on the EU is to diversify natural gas supply routes and reduce dependency from Russia. Russia supplied about one third of
6580-653: The Trans Adriatic Pipeline . The total investment of this route is estimated US$ 35 billion. The main supply source would be the Shah Deniz gas field , located in the Caspian Sea . The European Union is dependent on other countries' supply sources of energy; in 2017 around 54% of the EU's gross inland energy consumption came from imported sources. Russia has been the main supplier, despite its recent decline, in natural gas, coal and crude oil for
6720-611: The World Trade Organization . It is also usual for the President to attend meetings of the G7 . The commission is composed of a "College of Commissioners " of 27 members, including the President and vice-presidents. Even though each member is nominated on the basis of the suggestions made by the national governments, one per state, they do not represent their state in the commission. In practice, however, they do occasionally press for their national interest. Once proposed,
6860-401: The environment as well as establishing processes and standards to diminish these risks. The Directive is expected to be officially adopted in 2024 and then be incorporated into domestic laws within two years by all of the European Union member states. Recently the commission has moved into creating European criminal law . In 2006, a toxic waste spill off the coast of Côte d'Ivoire , from
7000-614: The first Commission of Euratom . Walter Hallstein led the first Commission of the EEC , holding the first formal meeting on 16 January 1958 at the Château of Val-Duchesse . It achieved agreement on a contentious cereal price accord, as well as making a positive impression upon third countries when it made its international debut at the Kennedy Round of General Agreement on Tariffs and Trade (GATT) negotiations. Hallstein notably began
7140-418: The intellectual property rights directive , and on an amendment to the 2002 counter-terrorism framework decision, outlawing terrorism‑related incitement, recruitment (especially via the internet) and training. Once legislation is passed by the Council and Parliament, it is the commission's responsibility to ensure it is implemented. It does this through the member states or through its agencies . In adopting
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#17327728218987280-448: The Azerbaijani government as repressive or authoritarian, and also assert activists and journalists are regularly arrested on false charges and imprisoned. The International Federation for Human Rights (FIDH) wrote in 2015, that "for more than a decade Azerbaijan has made shameless use of caviar diplomacy to charm European governments, its most important oil and gas clients". The CEE BankWatch warns that "Developing Shah Deniz stage 2 and
7420-463: The Azerbaijani government, and have accused officials of laundering money to the United Kingdom. Dubbed the " Azerbaijani Laundromat ", this scheme allegedly consisted of sending 2.5 billion euros to European politician and Azerbaijani elites; the money was also used to purchase luxury goods. One of the reasons why the laundering took place was because the Azerbaijani government needed to keep
7560-399: The Bank offers Green Bonds and Sustainability Awareness Bonds. The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies. With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in
7700-655: The COVID-19 pandemic It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries. Since its foundation in 1958,
7840-455: The Council decided otherwise. Membership would rotate equally and no member state would have more than one Commissioner. However, the treaty was rejected by voters in Ireland in 2008 with one main concern being the loss of their Commissioner. Hence a guarantee given for a rerun of the vote was that the council would use its power to amend the number of Commissioners upwards. However, according to
7980-457: The EC and into the dispirited Brussels Commission. In his first term, from 1985 to 1988, he rallied Europe to the call of the single market, and when appointed to a second term he began urging Europeans toward the far more ambitious goals of economic, monetary, and political union". The successor to Delors was Jacques Santer . As a result of a fraud and corruption scandal, the entire Santer Commission
8120-422: The EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences , software and ICT , engineering and automation , renewables and clean technology . These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on
8260-730: The EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million. The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals. In some cases,
8400-416: The EU (the European Council also holds individual national executive powers). However, it is the Commission that currently holds most of the executive power over the European Union . The Commission differs from the other institutions in that it alone has legislative initiative in the EU. Only the commission can make formal proposals for legislation: they cannot originate in the legislative branches. Under
8540-616: The EU gas consumption in 2013, mainly through Gazprom . However, the European Bank for Reconstruction and Development (EBRD) is to lend US$ 200 million to Lukoil to develop the Shah Deniz gas field in Azerbaijan. The Russian company Lukoil , whose CEO is an Azerbaijani businessman Vagit Alekperov , owns 10% of the field. Building SGC, European countries and companies support gas export from Azerbaijan and contribute to finance Azerbaijan's government. Many critics, watchdog groups and Non-governmental organizations (NGOs) have criticized
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#17327728218988680-632: The EU's largest fossil fuel projects, the Trans Adriatic Pipeline. The loan approval followed the release of a study demonstrating that the Southern Gas Corridor could be as emissions-intensive or even more so than coal power. A document obtained via a freedom of information request revealed that the European Commissioner for Energy and Climate Action and the Vice President of the European Commission in charge of
8820-405: The EU, the legitimacy of the commission is mainly drawn from the vote of approval that is required from the European Parliament, along with its power to dismiss the body. Eurosceptics have therefore raised the concern of the relatively low turnout (often less than 50%) in elections for the European Parliament since 1999 . While that figure may be higher than that of some national elections, including
8960-711: The Energy Union had been lobbying the EIB to green-light loans to TAP and the eastern section of the Southern Gas Corridor, the Trans Anatolian Pipeline. The European Bank for Reconstruction and Development (EBRD) already approved three loans for the Shah Deniz stage 2 gas field (US$ 200 million, US$ 250 million and US$ 100 million) as well as a US$ 500 million loan for TANAP, and stated its financial support to TAP could amount to EUR 1.2 billion. On top of US$ 250 million for Shah Deniz stage II (as part of
9100-496: The European Commission or other public authorities, from the European Investment Bank or at its own risk. In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group. The EIB Institute is an integral part of the EIB and does not have a separate legal personality. The EIB
9240-403: The European Commission put forward an Anti-Racism Action Plan to tackle the structural racism in the European Union, including measures to address the lack of racial diversity among the European decision makers in Brussels, as denounced by the #BrusselsSoWhite movement. European Investment Bank The European Investment Bank (EIB) is the European Union 's investment bank and
9380-490: The European Commission. Juncker appointed his previous campaign director and head of the transition team, Martin Selmayr , as his chief of cabinet. During the Juncker presidency Selmayr has been described as "the most powerful EU chief of staff ever." In 2019, Ursula von der Leyen was appointed as President of the European Commission. She submitted the guidelines of her policy to the European Parliament on 16 July 2019, following her confirmation. She had not been considered
9520-401: The European Court of Justice (Art. 245 and 247, Treaty on the Functioning of the European Union). The Barroso Commission took office in late 2004 after being delayed by objections from the Parliament, which forced a reshuffle. In 2007 the Commission increased from 25 to 27 members with the accession of Romania and Bulgaria who each appointed their own Commissioners. With the increasing size of
9660-402: The European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute. 90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout
9800-446: The European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects. The EIB supports infrastructure projects involving; sustainable transport ; energy efficiency , urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management. The bank
9940-416: The European Union at the time of the country's accession to the European Union. Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's board of governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion). As of March 2020,
10080-607: The European Union, which represents governments, the European Parliament, which represents citizens , the Economic and Social Committee , which represents organised civil society, and the Committee of the Regions , which represents local and regional authorities. Through Article 17 of the Treaty on European Union the commission has several responsibilities: to develop medium-term strategies; to draft legislation and arbitrate in
10220-474: The European Union. Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to
10360-439: The Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates. The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice. The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with
10500-409: The Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union. The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019. In 2023,
10640-541: The Parliament once again asserted itself in objecting to the proposed membership of the Barroso Commission. Owing to this opposition, Barroso was forced to reshuffle his College before taking office. The Barroso Commission was also the first full Commission since the enlargement in 2004 to 25 members; hence, the number of Commissioners at the end of the Prodi Commission had reached 30. As a result of
10780-584: The President delegates portfolios among each of the members. The power of a Commissioner largely depends upon their portfolio, and can vary over time. For example, the Education Commissioner has been growing in importance, in line with the rise in the importance of education and culture in European policy-making. Another example is the Competition Commissioner , who holds a highly visible position with global reach. Before
10920-403: The President of the European Commission, and although they are still proposed by the European Council; the European Parliament " elects " candidates to the office, rather than " approves " them as under the Treaty of Nice. The Barroso Commission is, in reaction to Euroscepticism , said to have toned down enforcement to increase integration. In 2014, Jean-Claude Juncker became President of
11060-421: The President of the European Commission. It has been noted by one researcher that the press releases issued by the commission are uniquely political. A release often goes through several stages of drafting which emphasises the role of the commission and is used "for justifying the EU and the Commission" increasing their length and complexity. Where there are multiple departments involved a press release can also be
11200-534: The Republic of Azerbaijan) owns 51% of the Southern Gas Corridor; the other 49% is owned by State Oil Company of Azerbaijan Republic (SOCAR). As of 2017, The World Bank supplied a $ 400 million loan to BP, a major shareholder and operator of Shah Deniz JV. The Asian Development Bank has stated its planned financing of $ 600 million towards TANAP. As of 2017, the European Investment Bank (EIB)
11340-471: The Southern Gas Corridor is likely to cement further the oppressive structures of the Aliyev government". According to the reports prepared by European Strategic Intelligence and Security Center ( ESISC ) on March and April 2017, the publication of such information serves to create a climate against some countries including Azerbaijan to benefit Armenia which is led by different NGO's and its connections within
11480-638: The Southern Gas Corridor. The opening ceremony of the Southern Gas Corridor took place at the Sangachal Terminal with the participation of Ilham Aliyev on 29 May 2018. The opening ceremony of the Trans-Anatolian gas pipeline took place in Eskisehir , Turkey with the participation of Presidents of Azerbaijan , Turkey and Ukraine on 12 June 2018. On 15 November 2020, the Trans Adriatic Pipeline began commercial operations. In
11620-679: The Trans-European Networks – Energy (TEN–E) program, the European Union designated three of the pipelines as of strategic importance ( ITGI , Nabucco and White Stream )." Also the Trans Adriatic Pipeline was identified that time as a Southern Corridor project. It was planned that the Southern Corridor projects could provide the necessary transportation capacity to deliver 60–120 billion cubic metres per annum (2.1–4.2 trillion cubic feet per annum) of Caspian and Central Asian gas directly to Europe. As of 2017,
11760-423: The Treaty of Lisbon, no legislative act is allowed in the field of the Common Foreign and Security Policy . In the other fields, the Council and Parliament can request legislation; in most cases the Commission initiates on the basis of these proposals. This monopoly is designed to ensure coordinated and coherent drafting of EU law . This monopoly has been challenged by some who claim the Parliament should also have
11900-502: The Union. Financial instruments co-funded by EU shared management funds, such as loans, guarantees, and equity investments, are efficient ways to invest in growth and development across the European Union. These instruments leverage public funding to attract additional private investments, contributing to EU policy objectives like economic growth, job creation, and social cohesion. fi-compass offers tailored advice on using financial instruments under various EU shared management funds, including
12040-546: The United Kingdom. As an independent body the bank takes its own borrowing and lending decisions. It cooperates with other EU institutions, especially the European Commission , the European Parliament , and the Council of the European Union . The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment. The European Investment Bank provides long-term loans , typically up to 50% of
12180-572: The aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries. Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from
12320-581: The commission (66%) and concerning lack of transparency (36%). In 2010 the commission was sued for blocking access to documents on EU biofuel policy. This happened after media accused the Commission of blocking scientific evidence against biofuel subsidies. Lack of transparency, unclear lobbyist relations, conflicts of interests and excessive spending of the commission was highlighted in a number of reports by internal and independent auditing organisations. It has also been criticised on IT-related issues, particularly with regard to Microsoft . In September 2020,
12460-521: The commission can assume office, the college as a whole must be approved by the Parliament. Commissioners are supported by their personal cabinet who give them political guidance, while the Civil Service (the DGs, see below) deal with technical preparation. The President of the Commission is first proposed by the European Council , following a Qualified Majority Vote (QMV), taking into account
12600-420: The commission's lack of power over areas like foreign policy – that power is held by the Council of the European Union and the European Council, which some analysts have described as another executive. Considering that under the Treaty of Lisbon, the European Council has become a formal institution with the power of appointing the commission, it could be said that the two bodies hold the executive power of
12740-520: The commission's operation and organisation. There has been criticism from a number of people that the highly fragmented DG structure wastes a considerable amount of time in turf wars as the different departments and Commissioners compete with each other. Furthermore, the DGs can exercise considerable control over a Commissioner with the Commissioner having little time to learn to assert control over their staff. According to figures published by
12880-510: The commission's role as an independent regulator. Defenders of the Commission point out that legislation must be approved by the Council in all areas (the ministers of member states) and the European Parliament in most areas before it can be adopted, thus the amount of legislation which is adopted in any one country without the approval of its government is limited. In 2009 the European ombudsman published statistics of citizens' complaints against EU institutions, with most of them filed against
13020-555: The commission, 23,803 persons were employed by the commission as officials and temporary agents in September 2012. In addition to these, 9230 "external staff" (e.g. Contractual agents, detached national experts, young experts, trainees etc.) were employed. The single largest DG is the Directorate-General for Translation , with a 2309-strong staff, while the largest group by nationality is Belgian (18.7%), probably due to
13160-522: The commission, Barroso adopted a more presidential style of control over the college, which earned him some criticism. However, under Barroso, the commission began to lose ground to the larger member states as countries such as France, the UK and Germany sought to sideline its role. This has increased with the creation of the President of the European Council under the Treaty of Lisbon . There has also been
13300-811: The conference were the United States, Azerbaijan, Turkey, Greece, and Italy. The fourth meeting of the ministers within the Southern Gas Corridor Advisory Council was held in Baku on 15 February 2018. Albania and Azerbaijan agreed to establish a new company to create project of the Ionian - Adriatic Pipeline (IAP). SOCAR and Albgaz company of Albania, as well as gas distributing companies of neighboring countries such as Montenegro and Croatia signed two documents related to design of new pipelines. This project will connect to
13440-412: The considerable press releases and operations such as Europe by Satellite and EuroparlTV leads many news organisations to believe they can cover the EU from these source and news agencies . The Commission shut down Presseurop on 20 December 2013, though the decision was criticised. As the commission is the executive branch, candidates are chosen individually by the 27 national governments. Within
13580-465: The consolidation of European law and started to have a notable impact on national legislation. Little heed was taken of his administration at first but, with help from the European Court of Justice , his Commission stamped its authority solidly enough to allow future Commissions to be taken more seriously. In 1965, however, accumulating differences between the French government of Charles de Gaulle and
13720-639: The corridor would pass through Georgia, Turkey, Greece, Albania and Italy and consists of three main projects: This combination of these pipelines will be nearly 3,500 kilometres (2,200 mi) long. The total cost of these projects is estimated $ 45 billion. There are other projects which fall under the SGC: The project's current reserves are approximately 1.2 trillion cubic meters of gas and 2.2 billion barrels of condensate. On 6 February 2018, The European Investment Bank (EIB) voted to hand out EUR 1.5 Billion, one of Europe's largest ever loans, to one of
13860-514: The development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market. The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with
14000-617: The euro. In response to the scandal, the European Anti-Fraud Office (OLAF) was created. Following Santer, Romano Prodi took office. The Amsterdam Treaty had increased the commission's powers and Prodi was dubbed by the press as something akin to a Prime Minister. Powers were strengthened again; the Treaty of Nice , signed in 2001, gave the Presidents more power over the composition of the College of Commissioners. José Manuel Barroso became president in 2004:
14140-444: The executive power of the EU was held by the council: it conferred on the Commission such powers for it to exercise. However, the council was allowed to withdraw these powers, exercise them directly, or impose conditions on their use. This aspect has been changed by the Treaty of Lisbon, after which the Commission exercises its powers just by virtue of the treaties. Powers are more restricted than most national executives, in part due to
14280-410: The external relations and defence cooperation of the European Union. The von der Leyen Commission also created the position of more senior Executive Vice-presidents , appointed from the three largest political groups in the European Parliament. Unlike the other vice-presidents, their mission is to manage the incumbent Commission's top priority policy areas, for which they receive additional support from
14420-566: The first enlargement to the north in 1973. With that enlargement, the College of Commissioners membership increased to thirteen under the Ortoli Commission (the United Kingdom as a large member was granted two Commissioners), which dealt with the enlarged community during economic and international instability at that time. The external representation of the Community took a step forward when President Roy Jenkins , recruited to
14560-537: The first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation , stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change. Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019. This support targeted/aimed at;
14700-435: The formula of one member for small states and two for larger states. The Rey Commission completed the Community's customs union in 1968 and campaigned for a more powerful, elected, European Parliament . Despite Rey being the first President of the combined communities, Hallstein is seen as the first President of the modern Commission. The Malfatti and Mansholt Commissions followed with work on monetary co-operation and
14840-728: The goals and principles of the Paris Agreement by the end of 2020. In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021–2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects. The EIB contributes to the European Green Deal which aims for Europe to become
14980-457: The growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement). The European Investment Bank is the EIF's majority shareholder, holding 62% of shares. The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from
15120-476: The increase in the number of states, the Amsterdam Treaty triggered a reduction in the number of Commissioners to one per state, rather than two for the larger states. Allegations of fraud and corruption were again raised in 2004 by former chief auditor Jules Muis. A Commission officer, Guido Strack , reported alleged fraud and abuses in his department in the years 2002–2004 to OLAF, and was fired as
15260-401: The international capital markets. The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate. The EIB's bonds are purchased by retail investors and institutional investors around
15400-400: The latest parliamentary elections (any person from the largest party can be picked ); that candidate then faces a formal election in the European Parliament . Thus this serves as a form of indirect election . If the European Parliament fails to elect the candidate, the European Council shall propose another within one month. Following the selection of the President, and the appointment of
15540-404: The legislative process; to represent the EU in trade negotiations; to make rules and regulations, for example in competition policy; to draw up the budget of the European Union ; and to scrutinise the implementation of the treaties and legislation. The rules of procedure of the European Commission set out the commission's operation and organisation. Before the Treaty of Lisbon came into force,
15680-610: The most 'dynamic' leader until Jacques Delors . The three bodies, collectively named the European Executives , co-existed until 1 July 1967 when, under the Merger Treaty , they were combined into a single administration under President Jean Rey . Owing to the merger, the Rey Commission saw a temporary increase to 14 members—although subsequent Commissions were reduced back to nine, following
15820-456: The necessary technical measures, the commission is assisted by committees made up of representatives of member states and of the public and private lobbies (a process known in jargon as " comitology "). Furthermore, the commission is responsible for the implementation of the EU budget , ensuring, along with the Court of Auditors , that EU funds are correctly spent. In particular the commission has
15960-651: The nine-member " High Authority " under President Jean Monnet (see Monnet Authority ). The High Authority was the supranational administrative executive of the new European Coal and Steel Community (ECSC). It took office first on 10 August 1952 in Luxembourg City. In 1958, the Treaties of Rome had established two new communities alongside the ECSC: the European Economic Community (EEC) and
16100-523: The number of Member States". The exact number of Commissioners was to be decided by a unanimous vote of the European Council , and membership would rotate equally between member states. Following the accession of Romania and Bulgaria in January 2007, this clause took effect for the next Commission. The Treaty of Lisbon, which came into force on 1 December 2009, mandated a reduction of the number of commissioners to two-thirds of member-states from 2014 unless
16240-594: The off-year elections of the United States Congress , the fact that there are no direct elections for the position of Commission President calls the position's legitimacy into question in the eyes of some Eurosceptics. The fact that the commission can directly decide (albeit with oversight from specially formed 'comitology committees' ) on the shape and character of implementing legislation further raises concerns about democratic legitimacy. Even though democratic structures and methods are changing there
16380-436: The other hand, the EU goals for energy efficiency would reduce gas demand in the next years. The EU has set itself a 20% energy savings target by 2020 when compared to the projected use of energy in 2020. The key targets of the EU on climate policy by 2030 are at least 40% cut in greenhouse gas emissions compared with 1990, 27% of total energy consumption from renewable energy and 27% increase in energy efficiency. According to
16520-570: The other member states on various subjects (British entry, direct elections to Parliament, the Fouchet Plan and the budget) triggered the "empty chair" crisis , ostensibly over proposals for the Common Agricultural Policy . Although the institutional crisis was solved the following year, it cost Étienne Hirsch his presidency of Euratom and later Walter Hallstein the EEC presidency, despite his otherwise being viewed as
16660-509: The posts of European Commissioner for External Relations with the council's High Representative for the Common Foreign and Security Policy . This post, also a Vice-president of the Commission , would chair the Council of the European Union's foreign affairs meetings as well as the commission's external relations duties. The treaty further provides that the most recent European elections should be " taken into account " when appointing
16800-547: The presidency in January 1977 from his role as Home Secretary of the United Kingdom's Labour government, became the first President to attend a G8 summit on behalf of the Community. Following the Jenkins Commission , Gaston Thorn 's Commission oversaw the Community's enlargement to the south, in addition to beginning work on the Single European Act . The Commission headed by Jacques Delors
16940-425: The private sector. European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances. In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million
17080-405: The purchase or sale of securities or any advisory services regarding project evaluation and audit. fi-compass is a comprehensive advisory service platform developed by the European Commission and the European Investment Bank (EIB) Group. It supports EU shared management managing authorities and other stakeholders by providing practical know-how and learning tools on financial instruments across
17220-635: The record" answer for live TV. Such a situation is unique in the world. As an integral part of the Directorate-General for Communication, the Spokesperson's Service, in coordination with the Executive Communication Adviser in the President's Cabinet, supports the President and Commissioners so that they can communicate effectively. On political communication matters, the chief spokesperson reports directly to
17360-500: The renewable energy sector (including wind , hydroelectric , solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating , co-generation, and building insulation). The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product ) within
17500-510: The right, with most national parliaments holding the right in some respects. However, the Council and Parliament may request the commission to draft legislation, though the Commission does have the power to refuse to do so as it did in 2008 over transnational collective conventions. Under the Lisbon Treaty, EU citizens are also able to request the commission to legislate in an area via a petition carrying one million signatures , but this
17640-678: The size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.). The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals. The EIB provides credit enhancement of senior debt using subordinated financing , funded or unfunded guarantees and contingent credit lines. Credit enhancement
17780-401: The subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions ( Poland and Romania ). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating. The EIB Group was formed in 2000. It is composed of
17920-461: The target of many protests and petitions around the world. In Italy, there have been protests concerning the corridor and its damage to the environment. In March 2017, environmentalists protested against the removal of historical olive groves; this centuries-old grove was blocking the path of the TAP . Protesters blocked the construction site to prevent trucks and supplies from entering. Police involvement
18060-483: The treaties it still has to be fewer than the total number of members, thus it was proposed that the member state that does not get a Commissioner would get the post of High Representative – the so-called 26+1 formula. This guarantee (which may find its way into the next treaty amendment, probably in an accession treaty) contributed to the Irish approving the treaty in a second referendum in 2009. Lisbon also combined
18200-414: The world in the following geographical areas: Enlargement countries , European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom. It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over
18340-603: The world, including the European Commission and European External Action Service , the United Nations (e.g. Sustainable Energy for All ) or the International Fund for Agricultural Development . The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through
18480-435: The world. In 2007, the EIB became the first institution in the world to issue green bonds . In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . The EIB is not funded through the budget of the EU . Instead, it raises money through the international capital markets by issuing bonds. The EIB
18620-421: The world. The EIB focuses on long-term investment and is triple-A rated by Moody's , Standard and Poor's , and Fitch . This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives. In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures,
18760-469: Was appointed despite criticism from European socialists over his hard-right affiliations. Other notable appointments included Kaja Kallas as EVP for Foreign and Security Policy, and Henna Virkkunen as EVP for Tech Sovereignty and Digital Technologies. The Commission also introduced new roles like the Commissioner for Defence and Security and the Commissioner for the Mediterranean. The commission
18900-587: Was approved in June 2020 to support the company's vaccine trials and manufacturing. BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020. The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with
19040-426: Was considering a 2 million euro contribution towards the TAP . Between 2010 and 2015, gas demand in the European Union has decreased more than 20%. At the same time, gas projects are evaluated with a more than 70% higher gas demand scenario in 2030. By 2021 gas consumption only returned to about 2010 levels. The EU has an overall surplus of gas import infrastructure and many of import capacities are underutilized. On
19180-399: Was forced by the Parliament to resign in 1999; a central role was played by Édith Cresson . These frauds were revealed by an internal auditor, Paul van Buitenen . That was the first time a College of Commissioners had been forced to resign en masse , and represented a shift of power towards the Parliament. However, the Santer Commission did carry out work on the Treaty of Amsterdam and
19320-705: Was involved, and broke up 300 protesters. More than 60 olive trees have already been removed since the protest, to the locals' dismay. More than 25 NGOs have also written a letter to the EIB Board of Directors and the bank's president, asking for the European Investment Bank to stop funding the TANAP due to the human rights violations the project has caused. The letter states that the Azerbaijani government has used forms of torture, imprisonment, and disruption to protesters, journalists, and other politicians; human rights monitors have also not been able to enter Azerbaijan. European Commission The European Commission ( EC )
19460-529: Was seen as giving the Community a sense of direction and dynamism. Delors and his College are also considered as the " founding fathers of the euro ". The International Herald Tribune noted the work of Delors at the end of his second term in 1992: "Mr. Delors rescued the European Community from the doldrums. He arrived when Europessimism was at its worst. Although he was a little-known former French finance minister, he breathed life and hope into
19600-407: Was set up from the start to act as an independent supranational authority separate from governments; it has been described as "the only body paid to think European". The members are proposed by their member state governments, one from each. However, they are bound to act independently – free from other influences such as those governments which appointed them. This is in contrast to the Council of
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