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The overall budget for this period is €347bn: €201bn for the European Regional Development Fund, €76bn for the European Social Fund, and €70bn for the Cohesion Fund. The objectives setup shapes the main focus of interventions (eligible activities and costs) and the overall allocations of funds from the EU budget.
The financial package was designed to cover financing needs up to €85 billion and would result in the EU providing up to €23 billion through the European Financial Stabilisation Mechanism and the EFSF up to €18 billion over 2011 and 2012. The first bonds of the European Financial Stability Facility were issued on 25 January 2011.
The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal. [1] The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed ...
With 2.33 percent of European stocks, [15] it is the largest stock owner in Europe. [16] In 1998, the fund was allowed to invest up to 40 percent of its portfolio in the international stock market. In June 2009, the ministry decided to raise the stock portion to 60 percent.
Following the onset of the European sovereign debt crisis, there was a drive to reform the functioning of the eurozone in the event of a crisis. This led to the creation, amongst other things, of loan (pejoratively called "bailout" in the media) mechanisms: the European Financial Stability Facility (EFSF) for eurozone member states and the European Financial Stability Mechanism (EFSM) for all ...
On 16 December 2010 the European Council agreed a two line amendment to Article 136 of the Treaty on the Functioning of the European Union (TFEU), [16] that would give the ESM legal legitimacy [17] and was designed to avoid any referendums. The amendment simply changes the EU treaties to allow for a permanent mechanism to be established. [18]
The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG, or more plainly the Fiscal Stability Treaty [3] [4] [5] is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic and the United Kingdom. [1]
The EIC Fund is a unique entity owned by the European Union represented by the European Commission and established to make direct equity investments in companies. The EIC Fund: Provides patient capital in the form of equity or quasi-equity (which may also be blended with a grant component) to SMEs and start-ups selected through the highly ...