European Investment Bank's activities in East-Mediterranean: Contributing on the Economic Transitions
Résumé
The political and economic conditions in the East Coast of the Mediterranean Sea are characterized by high inequalities and various levels of difficulty concerning the multidimensional development of its countries. Far from being a homogenous group, East Mediterranean Countries need reforms both in the public and private sector (that scarcely exists in some of them) as well as in the institutional and policy making level. By separating East Mediterranean countries in three groups, based on their relations with the European Union (UE), namely Greece & Cyprus, member – states / Turkey, candidate country/ Libya, Egypt, Israel, Palestinian Authorities, Syria & Lebanon within the context of the Mediterranean Neighbourhood, this paper aims to examine the volume of their economic system reforms in light of their interaction with the EU‟s financial policies. Concentrating on the mission of the European Investment Bank, through a comparative analysis of separate cases, we aim to draw conclusions concerning the difficulties these countries experience during their transition to capitalist economic systems. The analysis will be based on three chronological axis: the Barcelona Process (1995) concerning the renewal of the Euro-Mediterranean Partnership, the Lisbon Agenda (2000) and the European Strategy ,reinforcing EU‟s economic competitiveness on global level until 2010, and the Union for Mediterranean (2008) which aims at the creation of a free – trade zone until 2010. Setting this framework, the European Union calls in various ways these countries to comply while they, in turn, aim to benefit from the development initiatives. An analysis based on the European Investment Bank‟s projects reflects the following aspects: The empowerment of the countries‟ comparative advantages due to specific sectors of investment. Areas of investment loans as a reflection of infrastructural inabilities. Spill – over phenomenon of organizational and operational systems / expansion of communication networks and collaboration among private operators. Political instability in correlation with inadequate economic growth and disproportional development of public and private sectors.