The deepening recession is forcing national governments, worldwide, to consider monetary and budget policy stimuli as a means to diminish the very severe impact of the economic downturn. For the non-eurozone NMS, particularly those with very high budget deficits, the leeway for using a budget stimulus out of own resources is much reduced.

The credit crunch is likely to prevail on international markets in 2009 and might even be made worse by a an intense crowding out effect due to massive budget stimulus packages initiated in the US and other major industrialized economies. Therefore, EU funds and other forms of EU assistance, within the framework of a sui generis "credit enhancement" scheme, which could be extended by the EIB (on behalf of the EU), are badly needed in order to fight an expected powerful economic slowdown in the New Member States (NMSs).

Would the Commission consider a credit-enhancement based approach in helping NMSs get easier access to international credits?