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EU makes strong commitment to the Luxembourg Rail Protocol
The European Commission this week launched its “Action plan to boost long distance and cross-border passenger rail”. In the plan, the Commission sets out its clear commitment to the Luxembourg Rail Protocol noting that in its conclusions of 3 June 2021, the European Council recognised “that major investment by the sector in international long-distance rolling stock is required” and “also that investment is urgently needed from the private sector” reminding “Member States of the existence of international agreements and treaties which facilitate private investment, such as the Luxembourg Rail Protocol to the Cape Town Convention [on International Interests in Mobile Equipment].”
The Action Plan states that “[u]pon its entry into force, the Protocol will make it easier and cheaper for the private sector to finance railway rolling stock. The Commission will promote its swift implementation across the [European] Union.”
