EU Development Policy in the Context of the G8 Aid Commitments
The European Consensus on Development states the primary goal of the European development policy is the eradication of poverty in the context of sustainable development and universal achievement of Millennium Development Goals by 2015. The EU implements this objective through a multidimensional approach, which combines increasing volumes of aid, aid effectiveness and policy coherence for development. EU is the largest provider of ODA1 in the world. In 2008 EU provided nearly €50 bn for development financing, which is 60% of global ODA and which represents 0.40% of EU GNI. Although EU reconfirmed its role as the world leader in terms of ODA the prospects for reaching the EU collective commitment of providing 0.56% of EU GNI by 2010 and 0.7% by 2015 remain distant. Reaching these targets would require additional disbursements of approximately €20 bn by 2010 from the current levels.