The Latest Reform of EU Development Finance and Its Impact on the"Global Gateway"Strategy
Capital is an indispensable condition for achieving development.Against the background of"private turn"in development finance,the EU has not only followed this trend,but adopt-ed a unique reform approach.This article focuses on the EU's latest reform of its develop-ment finance system in 2021 and explores its uniqueness as well as its influence on the"Global Gateway"strategy.The uniqueness of the EU's approach lies in the commanding role of the European Commission.By strengthening the management and coordination func-tions of the European Commission,the new system has enhanced the EU's geopolitical in-fluence.Based on a delicate examination of the new system's performance,this article ar-gues that instead of simply repackaging the existing financial instruments,the EU behaves in a highly strategic way in selecting geographical areas and investment fields and has be-come more flexible in adjusting different types of development finance institutions and coor-dinating aid funds from member states.This new system has an significant impact on the EU's"Global Gateway"strategy and the challenges it brings to the"Belt and Road Initia-tive"cannot be underestimated.
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