Against the backdrop of economic crisis, the importance of
international co-operation and the role played by multilateral development
banks has come to the fore. The Council of Europe Development Bank
(CEB) is a unique instrument of its 40 member states for promoting
socio-economic cohesion and solidarity in European society. The
report highlights the link between the Bank’s activities and Council
of Europe values and pleads for this bond to be further strengthened
as the two institutions seek to reform their functioning.
The report notes that the social needs of the Bank’s target
group of countries in central, eastern and South-Eastern Europe
have risen dramatically, whereas borrowing opportunities have diminished
or become very onerous. To be able to shift more of its funds towards
the most vulnerable countries, some inside, most outside the European
Union and to maintain sound risk management, the CEB needs a substantial
capital increase. There is also room for an increased use of co-operation
agreements with international partners in order to share costs,
practices, competences, experience and risks.
Taking stock of the CEB’s work over the 2007-2009 period,
current reform efforts and future challenges, the report underscores
the Bank’s huge potential which could be better tapped if its members
can show the vision and ambition to make it an even more relevant,
focused, visible and significant player on the European scene. A
series of specific recommendations are put forward in this report
towards that end.