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Film Festival Today

Founded by Jeremy Taylor

European Economic Crisis Hits Co-Production Coin

Written by: FFT Webmaster | June 12th, 2012

As the economic crisis in Europe continues to build up steam, cost-cutting by the European Union would slash funding for Hollywood and independent productions that shoot in Europe and could make cross-border European co-productions more difficult to piece together. The European Film Agency Directors (EFAD) whose higher profile members include the British Film Institute, France’s Centre National de la Cinematographie and Germany’s FFA have issued a protest statement condemning the EU proposals as unclear and “hugely problematic.” The changes to EU’s Cinema Communications law would impact Europe’s system of film subsidies that provide around €3 billion ($3.8 billion) per year for film financing and other support. EFAD said penalizing non-European productions would have a negative impact on Europe as a production hub and “seriously threaten the international competitiveness” of the European film industry. Many European countries rely on big U.S. productions to provide local talent with top-level job experience, as well as income. The current legislation on EU film funding expires January 31, 2013.

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