Search

The aim of this paper is to present an alternative financing mechanism that could be used in the next programming period. The first section briefly examines the main differences between a financing system that is based on grants and one that is based on financial instruments. Next, the author describes the financial engineering instruments used at the national and EU levels. The final section assesses the advantages and disadvantages of financial mechanisms that combine financial instruments with private capital. As the SWOT analysis shows, the financial engineering instruments could be effectively used to increase the absorption of EU funds in the period 2014-2020. [ABSTRACT FROM AUTHOR]

Evolution of the multi-annual financial framework of the European Union: The paper looks at the EU's multi-annual financial programming with particular emphasis on the current multi-annual financial framework (MFF) for 2007-2013. The paper begins by describing the main categories of revenue and expenditure of the EU budget during the period 1988-2011. Next, the origin of the EU's medium-term planning is briefly presented, as well as the first three (i.e. 1988-1992, 1993-1999 and 2000-2006) financial frameworks. The final section assesses the 2007-2013 framework. On the basis of this analysis, the author concludes that over the years major changes have occurred in both the income sources and spending priorities for the EU budget. [ABSTRACT FROM AUTHOR]