From 1 January 2007, loans with Bulgaria and Romania cease to be external actions (see Regulation (EC, Euratom) No 2273/2004 (OJ L 396, 31.12.2004, p. 28)) and are therefore covered directly by the Union budget and no longer by the Fund.
L’initiative relative aux emprunts obligataires (PBI) est un instrument financier élaboré, mis en place et soutenu conjointement par la Commission et la Banque européenne d’investissement (BEI) [78].