Unique project for the long-term financing of the European economy received recognition of a global importance
Portugal is the 20th Member State of the European Fashion Council
ModaLisboa Association is the newest member of the Presidential Board for management
EFC Press / March 19, 2014
Plovdiv, Bulgaria, EU
The issue of financing the European economy has always been one of the most demanding and complex topics. Logically, many governmental and non-governmental institutions and financial experts are engaged in this area, but only a few are those coming from representatives of other areas.
Taking into account the great and leading role of the creative industries for the global cultural and economic development of the nations, the European Fashion Council created and proposed to the European Commission its own unique project for this meaningful cause. The proposal of the creative think thank, uniting 20 countries into a single “Union of Arts and Ideas”, is about implementation of an innovative way of financing the European economy and its industries – directly or indirectly related to fashion and those who are not at all related as well.
The recently published Summary report of the European Commission in regards to the public consultations on the issue in question comprises of 292 significant contributions in total from the most professional financial instances, existing in Europe. Among them, the European Fashion Council was placed 167th. This is a great and important recognition of the ideas of the European institutional non-governmental fashion organization. This is the main point of existence of this Fashion Council – to proudly carry its united European identity, distinguishing it with the European logo of the stars on a blue background, adopted as a modification for the fashion industry in an extended version. This acknowledgement brings a sense of great fulfillment for the realization of a part of the global mission – the European Fashion Council to honorably represent the European Union in implementation of the EU-UNESCO Convention on protection and promotion of the diversity of cultural expressions.
Alternative sources of long-term financing through self-financing of activities with proactive approach for development through the potential of the reward-based, equity-based, lending-based and peer-to-peer crowdfunding, in established and new projects and implementation of innovations, with the key role of the digital technology and card payments on the internet and in the trade net, exchange of silver and gold coins and bonus vouchers, is the platform that the European Fashion Council provides with a specific example for the fashion industry – the Fashion Week. It also has an identical implementation in other sectoral economies, related or not to the creative industries, which you can read in resumé of 5 pages plus photos, published by the European Commission, here:
The Fashion Week platform is an example of the various ways of long-term financing of the European economy, because it is the most powerful and overarching activity whose result reflects in multiple ways on the cultural and economic development and international prestige of the EU and Europe, and through it – on a global level. This platform also includes: the structuring of a Funding Committee, Board of Trustees, Investors Committee, Fashion Hedge Fund, International Executive Producers Board, Marketing Board, Academic Board, and Fashion Week Foundation for the charitable and humanitarian causes, Media Group, Advertisement and PR. With a global importance are the unique formats of the European Job Bank and European Donors Bank for the implementation of a financial innovation, related to helping and encouraging the employers to create jobs, and applying a unique system of free healthcare on a global level.
The proposal of the European Fashion Council is a cause that the organization works on ever since its inscription to the Transparency Register of the European Commission and the European Parliament in January, 2010, as well as immediately after the inclusion of the established for that purpose “Fashion Europe” program of 157 activities in support of the implementation of the “Europe2020” strategy.
This grand success applies for the national representative non-governmental fashion organizations of Austria, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Hungary, Latvia, Malta, the Netherlands, Romania, Sweden, Iceland and Norway, Albania, Armenia, Bosnia and Herzegovina, Serbia, Ukraine and the 20th, brand new Member State of the European Fashion Council – Portugal: europeanfashioncouncil.eu
Portugal has always admired the ideas, mission and cause of the European Fashion Council ever since the moment of establishment of the organization in May, 2007. That is why all Member States welcomed the completion of the technical preparation and the open procedure for national representation of the Portuguese fashion in the Council. The accession of the ModaLisboa Association (modalisboa.pt) in the Presidential Board for management was done by a unanimous decision, taken by all Member States under #83/2014 and this marked the expansion of the organization to the south-western part on the European continent. This is one of the most active national fashion organizations in Europe, whose producing of the Lisbon Fashion Week is one of the first on the European continent.
“Portugal’s place in this prestige and important European organization, strengthens not only the intercultural exchange within the European Fashion World, but also puts the European Fashion Council in the center of that much needed pan-European policy making. And for us, ModaLisboa Association, to be representing not only our country, as well as the oldest independent Fashion Week in Europe (ModaLisboa | Lisboa Fashion Week) and also the Southwestern European region, is a great honor and of great importance and responsibility.”, notes Mrs. Eduarda ABBONDANZA as the newest member of the Presidential Board of the European Fashion Council and President of the ModaLisboa Association and of the ModaLisboa | Lisboa Fashion Week event.
Along with the published report and contributions of all 292 stakeholders, included in it, regarding the long-term financing of the European economy, the European Commission has launched a procedure of identification of the barriers of the possible policy actions for long-term financing. That is why you can expect a follow-up in several forms: for example, a regulatory approach may be needed, and encouraging stronger coordination and promotion of the best practices with pilot projects in individual Member States of the EU and in the context of the European semester.
The European Fashion Council will now start preparatory actions in this direction with the readiness to implement the decisions, taken by the European Commission.