Decision 2010/283 - Decision 283/2010/EU establishing a European Progress Microfinance Facility for employment and social inclusion - Main contents

EN

Official Journal of the European Union

L 87/1

On 7 April 2000 the Commission adopted a communication entitled ‘Acting locally for employment — a local dimension for the European employment strategy’.

The Commission communication of 13 November 2007 entitled ‘A European initiative for the development of microcredit in support of growth and employment’ identified four priority areas for action: improving the legal and institutional environment in the Member States, changing the climate in favour of employment and entrepreneurship, promoting best practices and providing additional financial capital for microfinance institutions. As a first step in implementing this agenda, the Commission and the European Investment Bank (EIB) created Jasmine (Joint action to support microfinance institutions in Europe) in 2008 which provides mentoring for non-bank microcredit finance institutions and a financing window for a global amount of EUR 20 million offered by the EIB.

The Commission communication of 24 May 2006 entitled ‘Promoting decent work for all — the EU contribution to the implementation of the decent work agenda in the world’ set out the importance of decent work for all as did the European Parliament resolution of 23 May 2007 on promoting decent work for all (4).

The leaders’ statement following the G-20 Summit in Pittsburgh on 24 and 25 September 2009 contained a commitment to improving access to financial services for the poor, for example through microfinance. The leaders also committed themselves to launching an international financial inclusion expert group which will identify lessons learned on innovative approaches to providing financial services to the poor, promote successful regulatory and policy approaches and elaborate standards on access to financing, financial literacy, and consumer protection.

The European Parliament in its resolution of 24 March 2009 with recommendations to the Commission on a European initiative for the development of microcredits in support of growth and employment requested that the Commission strengthen its efforts to develop microcredits in support of growth and employment. Furthermore, the European Parliament approved an additional EUR 4 million of support for a pilot action to be implemented in the context of the Jasmine framework. The European Parliament also called on the Commission to co-finance projects for microcredits in particular for disadvantaged target groups.

The ongoing efforts of the Union and of the Member States need to be strengthened to increase the access to, and availability of, microfinance to a sufficient scale and within a reasonable time-frame so as to address the high demand of those who need it most in this period of crisis — that is, those who have lost their job, those at risk of losing their job or who have difficulties entering or re-entering the labour market, as well as those who are facing the threat of social exclusion or vulnerable people who are in a disadvantaged position with regard to access to the conventional credit market and who want to start or further develop their own micro-enterprise, including...