Treaty of Nice/Protocol on the financial consequences of the expiry of the ECSC Treaty and on the Research Fund for Coal and Steel
Protocol on the financial consequences of the expiry of the ECSC Treaty and on the research fund for coal and steel
THE HIGH CONTRACTING PARTIES,
DESIRING to settle certain questions relating to the expiry of the Treaty establishing the European Coal and Steel Community (ECSC);
WISHING to confer ownership of the ECSC funds on the European Community;
TAKING ACCOUNT of the desire to use these funds for research in sectors related to the coal and steel industry and therefore the necessity to provide for certain special rules in this regard;
HAVE AGREED UPON the following provisions, which shall be annexed to the Treaty establishing the European Community:
1. All assets and liabilities of the ECSC, as they exist on 23 July 2002, shall be transferred to the European Community on 24 July 2002.
2. The net worth of these assets and liabilities, as they appear in the balance sheet of the ECSC of 23 July 2002, subject to any increase or decrease which may occur as a result of the liquidation operations, shall be considered as assets intended for research in the sectors related to the coal and steel industry, referred to as the "ECSC in liquidation". On completion of the liquidation they shall be referred to as the "Assets of the Research Fund for Coal and Steel".
3. The revenue from these assets, referred to as the "Research Fund for Coal and Steel", shall be used exclusively for research, outside the research framework programme, in the sectors related to the coal and steel industry in accordance with the provisions of this Protocol and of acts adopted on the basis hereof.
The Council, acting unanimously on a proposal from the Commission and after consulting the European Parliament, shall adopt all the necessary provisions for the implementation of this Protocol, including essential principles and proper decision-making procedures, in particular for the adoption of multiannual financial guidelines for managing the assets of the Research Fund for Coal and Steel and technical guidelines for the research programme of the Research Fund for Coal and Steel.
Except as otherwise provided in this Protocol and in the acts adopted on the basis hereof, the provisions of the Treaty establishing the European Community shall apply.
This Protocol shall apply from 24 July 2002.