Traduction de «Financial futures operation » (Anglais → Français) :

1. The Commission shall regularly evaluate the results and efficiency of macro-financial assistance in order to ascertain whether the objectives have been met and enable it to formulate recommendations with a view to improving future operations.

This move is an appropriate transitional measure with a view in particular to ensure continuity of financial management operations relating to the activities which will be transferred to the future European External Action Service, while allowing for a smooth transition towards the already announced appointment of David O'Sullivan as Chief Operating Officer of the EEAS.

3. The SIA shall include an estimate of financial needs and sources in view of the future operation, long-term development and funding of the EIT.

Whenever future macro financial assistance operations and other operations pursuing macro-economic objectives are negotiated with the ENP partner countries, the Commission considers that the conditionality element should draw on the economic priorities and measures of the Action Plans, ensuring that this type of assistance is an additional incentive to pursue political and economic reform.

The Report is presented under the following chapter headings: Commissioner's statement Tacis in 1995 - consolidating reform Tacis and European Union policy Tacis financial overview Operational management of the Tacis Programme Tacis and the European Community institutions Bilateral and international cooperation Armenia Azerbaijan Belarus Georgia Kazakhstan Kyrgyzstan Moldova Mongolia Russian Federation Tajikistan Turkmenistan Ukraine Uzbekistan Multi-country programmes Future ...[+++] outlook Annexes Tacis funds allocated by sector Tacis financial performance List of major contracts signed in 1995 Background notes for editors: the Tacis Programme The Tacis Programme is a European Community initiative for the New Independent States and Mongolia, which fosters the development of harmonious and prosperous economic and political links between the European Community and these partner countries.

The Council also adopted the following conclusions on SME access to financial markets: "COUNCIL CONCLUSIONS ON THE FEASIBILITY OF CREATING A EUROPEAN CAPITAL MARKET FOR SMALL AND MEDIUM-SIZED ENTERPRISES In the light of the debate held on the basis of the Commission's communication on the creation of a European capital market for smaller entrepreneurially managed growth companies and given the opportunity to promote the setting up of innovative projects in any area of activity, strengthening these enterprises' capital structures, in order to facilitate the development of European SMEs and create new jobs in the Union, THE COUNCIL: - welc ...[+++]omes the European Commission's initiative to promote the debate on the creation of new Europe-wide capital markets; - invites the Commission to go deeper into the conclusions of its communication and report to the next Industry Council on ways to overcome the various obstacles currently existing in the Member States, including obstacles inhibiting the channelling of funds of institutional and private investors, in order to support the creation of secondary European Capital Markets for SMEs, taking into account the national systems and experiences already under way; - submits to the Commission's consideration the advisability of encouraging investors to join the European secondary capital market in order to mobilise additional financial resources for European SMEs; - urges the Commission to cooperate with Member States in order to overcome the difficulties that exist in making cross-border security transactions, by facilitating progress towards the future operation of a pan-European secondary capital Market, such as EASDAQ (European Association of Security Dealers Automated Quotation).