Loans, the major source of foreign capital flows to the Russian Federation, are predominantly granted by European banks. In the third quarter of 2003, BIS reporting banks from the EU accounted for almost 90% of the Russian Federation’s outstanding bank debt. Finally, there are signs that the euro is being used increasingly as an international currency.
I firmly believe that we have just begun to discover and explore the mutual benefits of economic integration in terms of trade and investment flows. Enlargement will lead to an acceleration of this process. The EU is committed to sharing the advantages of enlargement with its neighbours, as outlined in the Commission’s communication on the recently published “European Neighbourhood Policy”.