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Wednesday, the European Commission approved the German short-term export-credit insurance scheme, a measure to limit the adverse impact of the current financial crisis on export firms. The Commission authorized the scheme until December 31, 2010.
The German state export credit insurance scheme would provide short-term export-credit insurance to companies established in Germany. To avail the facility, a significant proportion of the risk should be retained by the exporter.
Competition Commissioner Neelie Kroes said, "The German short-term export credit insurance scheme allows supporting exporters in areas where the market is temporarily not functioning properly and, at the same time, establishes effective safeguards to limit distortions of competition."
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