The selection of such financial intermediaries should take place on the basis of their demonstrated ability to use the funding in the most efficient and effective way, with the objective of maximising the participation, within the shortest possible time, of other public and private investors and of achieving the highest leverage between the Union funding and the total investment with a view to raising significant investments in the Union. However, in times of financial and economic crises which have a particularly adverse effect on the finances of local and regional authorities, it should be ensured that the difficul ...[+++]t budgetary situation of those authorities does not hinder them from being able to access the funding.

The selection of such financial intermediaries should take place on the basis of their demonstrated ability to use the funding in the most efficient and effective way, with the objective of maximising the participation, within the shortest possible time, of other public and private investors and of achieving the highest leverage between the Union funding and the total investment with a view to raising significant investments in the Union. However, in times of financial and economic crises which have a particularly adverse effect on the finances of local and regional authorities, it should be ensured that the difficul ...[+++]t budgetary situation of those authorities does not hinder them from being able to access the funding.

notes that the lack of systematic, robust autonomous management of local finances inevitably reduces local and regional authorities’ ability to take full responsibility for managing European funds, which requires adequate administrative and planning capabilities and enough funds to cover the local financial contribution; points out that, with regard to the growing role of programmes aimed at local and regional communities in the EU's neighbouring countries, consolidating the financial autonomy of local authorities is a key part of th ...[+++]e process to identify solutions for common problems through regional and cross-border cooperation between local and regional authorities in the EU and Moldova;

The Commission also started discussions with the EIB on a Facility to finance local municipalities in border regions, as outlined in the Commission Communication on Border Regions.

Furthermore, the consolidation of the local authorities' finances should be taken up to reinforce the prudent stance of fiscal policy.

(8) Chapter 28 of Agenda 21, which was the subject of the Protocol signed at the Earth Summit in Rio in 1992, stipulates that most local authorities in each country should undertake a consultative process with their populations and should achieve a consensus on a local Agenda 21 for the community.