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Since January 2013, the new Financial Regulation applicable to the EU budget allows the European Commission to create and administer Union Trust Funds in the field of external action: these are multi-donor trust funds for emergency, post-emergency or thematic actions. The European Parliament welcomed this development in an April 2013 resolution, considering that it would allow the EU to raise the visibility of its external action and to have greater control over the delivery chain of relevant funds ...

This document presents a detailed examination of the feasibility of the European Parliament proposal contained in its resolution of 15 November 2001 to create a European Union - Latin America Bi-regional Solidarity Fund. That proposal has been repeated since then on numerous occasions and in various forums but has not yet been seriously considered either by the European Commission or by the Council. In this context, and on the eve of the Vienna Summit, this document sets out various specific proposals ...