Staikouras: Geopolitical challenges necessitate the diversification of Europe's trade corridors

The assessment that geopolitical challenges make necessary the greater diversification of Europe’s supply chains and trade corridors was expressed at the Thessaloniki Summit by the Minister of Infrastructure and Transport, Christos Staikouras, who added that investments in infrastructure connecting the EU with its eastern and southern neighbours, among others via the European Transport Corridors (TEN-T), will sehnace the EU's economic security and mitigate its external vulnerabilities.

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The assessment that geopolitical challenges make necessary the greater diversification of Europe’s supply chains and trade corridors was expressed at the Thessaloniki Summit by the Minister of Infrastructure and Transport, Christos Staikouras, who added that investments in infrastructure connecting the EU with its eastern and southern neighbours, among others via the European Transport Corridors (TEN-T), will sehnace the EU's economic security and mitigate its external vulnerabilities.
Staikouras acknowledged that large cross-border construction projects usually require a lot of preparatory time for intergovernmental agreements, budgetary decisions, licensing and procurement procedures, as well as technical studies, and are implemented in phases. In addition, alternative financing options are being explored, with strong support from the European Investment Bank’s policy to achieve the objectives. "However, and without prejudging the next Multiannual Financial Framework, we would like to underline that EU co-financing of these connections in the next financing period is absolutely essential and necessary. We strongly support a strong, centrally managed Connecting Europe Facility 3 (CEF III) mechanism, with increased financial ambition, which will be a catalyst for the development of a fully developed TEN-T network, including missing high-speed connections and the completion of major cross-border projects," he said.
"However, and without prejudging the next Multiannual Financial Framework, we would like to underline that EU co-financing of these links in the next funding period is absolutely essential and necessary. We strongly support a strong, centrally managed Connecting Europe Facility 3 (CEF III), with increased financial ambition, which will be a catalyst for the development of a fully developed TEN-T network, including the incomplete high-speed connections and the completion of major cross-border projects," he estimated.