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Lagarde calls for a ‘green economy’, and supports carbon charges for transport

The head of the International Monetary Fund has said the economic growth needed to get the world’s economies back to health must be ‘on a different track than before the crisis’. Christine Lagarde’s comments came just after a number of ex-finance ministers wrote to today’s European finance ministers, asking them to shift the burden from income tax and VAT on to carbon and energy taxes.

Funding for transport infrastructure in the new EU budget

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On 29 June 2011, the Commission proposed a new seven-year EU budget (Multiannual Financial Framework, MFF) that covers EU public expenditure between 2014 and 2020. This paper summarises the transport-relevant parts of the MFF and attempts to check whether it can help ‘decarbonise’ the transport sector.

New lending criteria needed

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The NGO network CEE Bankwatch says the European Bank for Reconstruction and Development urgently needs to reduce its carbon-heavy investments in new motorways and air travel, and instead promote transport that assists the transition to a low-carbon economy. Its comments come in a consultation by the Bank on how it decides its transport lending in central and eastern Europe. Bankwatch also says the Bank’s ‘private sector at just about all costs’ approach is leading to bad lending decisions, and it should ensure that railway restructuring does not become a misleading term that takes trade off the rails because of higher costs.

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