The role of export credit guarantees in the improvement of business environment of the European Union (EU) is an important topic, since in recent years export to a number of the EU member states has become unpredictable. The aims of the research are to study the existing export credit guarantee system in the EU, to identify its advantages and drawbacks, as well as elaborate a solution to its improvement. Quantitative and qualitative data analysis methods, as well as analytical and graphical methods have been used in the research. Based on the analysis, it is concluded that the resuming of the availability of export credit guarantees is highly desirable in order to help the EU crisis-affected member states to recover from the financial and economic problems and to promote the development of the entire EU.