Aligning European export credit agencies with EU policy goals

Export credits are a traditional instrument used in many Member States of the European Union to support the export activities of firms. They are typically provided by export credit agencies (ECAs), which in turn receive support from governments. There are currently 25 such ECAs in 21 EU Member States. Financial and indirect support to exporters provided through these ECAs is significant. Recent policy initiatives of the European Commission, such as the European Green Deal and Global Gateway, raise the question of how aligned these transactions and their underlying due diligence practices are vis-à-vis high-ranking policy goals such as the green transition. The objective of the present study is to explore and compare EU trade policy in the field of export credits with a view to their alignment with these policy goals. Drawing on information from ECA annual activity reports in conjunction with expert interviews, this study identifies ongoing commitments, practices and standards and discusses the extent to which ECAs are in line with EU policy commitments. The paper outlines a set of recommendations on how ECA coherence with EU goals could be strengthened in the future, proposing, among other things, that the EU push for more systemic forms of climate risk assessment and more ambitious public disclosure practices among ECAs.