Publications

The financial and economic crisis unravelling across the world economy has fundamentally changed economic policy imperatives for states and international financial institutions, including those operating at the European level. This situation offers the opportunity to articulate policies favourable to progressive social and environmental aims as integral parts of effective and transformative plans for economic recovery.

While todays policy makers are unlikely to be moved by such arguments at this point, broader layers of social actors engaged in debates about the crisis most definitely will. This report seeks to provide guidance for their mobilisation by considering the context, formulation and delivery of crisis response policies by the EC, the EIB and the EBRD in relation to the CEE economies.

Bankwatch member group Friend of the Earth-CEPA outlines in the complaint letter the breaches of EU legislation it believes have taken place during the preparation of the Turany - Hubov section of the D1 motorway. Both the EIB and EBRD are requested to halt plans for financing the project until the noted issues have been resolved, and the European Commission is asked to reconsider its acceptance of the project.

Only four months after the Board of Directors at the European Bank for Reconstruction and Development (EBRD) had approved an increase to the original loan for the Canadian Dundee Precious Metals Development for its Chelopech gold and copper mine in Bulgaria, the Petitions Committee at the European Parliament deemed the situation at the mines tailings dam as alarming during the site visit on 29 October 2008. The questions to be asked are what is happening on the ground and on the basis of what information the EBRD decided to extend the financing for the Chelopech mine.

This independent quality review of the Environmental Impact Assessment study highlights more than 25 shortcomings in the assessment, including the studys failure to:

• consider alternative energy scenarios to coal power;
• analyse properly the carbon dioxide emissions;
• assess the socio-economic impacts of the project and provide for management and monitoring plans.

Based on this quality review as well as the opposition from the local communities the Municipality of Durres declared itself officially against the project in April 2009.