EU eyes binding targets on aid

BRUSSELS - The European Union needs new ways of meeting its pledge to help the world's poor, including setting binding targets on aid and introducing innovative financing, the bloc's development chief said this week.

Without this, Europe will lose credibility, as many of the bloc's 27 member states are not living up to promises on aid to the poorest, hungriest and least developed countries, said EU Development Commissioner Andris Piebalgs.

The EU is the world's largest donor bloc, accounting for 56 percent of world aid, or 48 billion euros ($66 bln) in 2007. Member states have promised to spend 0.7 percent of their gross national income (GNI) on aid by 2015, but with public finances in disarray due to the financial crisis and budget spending tight, most are struggling to keep that pledge.