Ljubljana - Foreign Ministry State Secretary Stanislav Raščan took part in a meeting of ministers in charge of development cooperation on Thursday, discussing the EU's future financial development architecture. They called for more cooperation among financial institutions, noting that no major systemic changes were necessary, the Foreign Ministry said.

The officials meeting online discussed the final report of a study on possibilities for the strengthening of the European financial architecture for development (EFAD).

The study included a comprehensive analysis of three possible scenarios for the future functioning of the EFAD.

The ministers mostly supported the scenario that calls for better cooperation among existing financial institutions, noting that no major systemic changes were required.

The scenario is based on the assessment that both the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) were efficient in performing their tasks. But it stresses the need for better coordination.

One advantage of this approach is also greater recognisability of the EU, the ministry said.

According to Raščan, enhanced cooperation among all development stakeholders of the EU law is the way to a more efficient development policy of the EU.

Slovenia emphasises the role of national development banks and agencies that need to be fully included in the future financial architecture of the EU.

Special attention must be paid to smaller stakeholders, which have other advantages and could add value to the system, the ministry said.