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COMMISSION APPROVES ECSC FINANCIAL REPORTS FOR 1999.

The European Commission recently approved the financial reports from the European Coal and Steel Community (ECSC) for 1999. The budget available to the ECSC increased from Euro 457 million in 1989 to a maximum of 596 million in 1993 before beginning a gradual decline which will continue until the expiry of the ECSC Treaty on 23 July 2002. The levy on coal and steel production was set at 0% in 1999 since funds ascribed to the ECSC in 1998 are deemed sufficient to maintain appropriate budgetary activities until the Treaty expires.Resources for 1999 therefore stem from interest on investment (Euro 80 million), the cancellation of commitments (Euro 85 million), fines (Euro 17 million) and other resources (Euro 3 million). Operational ECSC budget revenue in 1999 totalled Euro 185 million and was used to cover expenditure outlined in the ECSC Treaty. Social assistance totalled Euro 62 million in 1999,focusing primarily on retraining coal and steel industry workers. A total of Euro 84 million was directed in 1999 to research (Euro 56 million for steel and 28 million for coal). Available resources not used in 1999 (Euro 34 million) will be placed in reserve to be gradually allocated according to needs from 2000, primarily to offset the zero ECSC levy.

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Publication:Europe Energy
Date:Jul 14, 2000
Words:210
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