A European Bank for Cooperation and Development: The Issue of Representation

The Wieser Report has emphasized how the European Financial Architecture for Development is characterized by a high level of overlap and fragmentation that produces inefficiencies in delivering aid. Fragmentation and overlap reduce the ability of the EU, the EU Member States, and the European financial institutions to compete as a single player with other stakeholders in the field of financing for development cooperation. To overcome this flaw, the Wieser Report has suggested changing the governance framework, proposing three options. One of these options would be to establish a European Bank for Cooperation and Development. The membership would include several stakeholders: the EU, the EU Member States, other European States, the European development banks, and the recipient countries. Including the recipient countries as full members would allow them to participate in defining and implementing the policy of the institution.