ONE reacts to the Council conclusions on the European financial architecture for development

Brussels, 5 December – ONE welcomes the Council conclusions on the ‘Independent report by the High-Level Group of Wise Persons on the European financial architecture, and urges the Council to implement the report’s recommendations on strengthening the EU’s partnership with Africa.

Brandon Locke, Policy Officer at ONE said: “Today’s conclusions take steps in the right direction by moving to evaluate the options on the table based on their maximal developmental impact, which will ultimately define the EU’s success as a global leader. But we regret to see that the Council failed to integrate the report’s specific recommendations on strengthening the EU’s engagement with Africa.

In order for the EU to tackle the world’s greatest challenges, seriously engage with Africa, and fully leverage a reformed financial architecture, leaders must champion a strong external action budget (Heading 6) in the next Multiannual Financial Framework. If the EU wants to shape the future, and not just react to it, it must urgently increase its level of ambition in terms of quantity and efficiency of aid and investment.”