ee, Title XII on trans-
European networks and Title XVI on environment envisage a Cohesion
Fund to be set up before 31 December 1993;
STATING their belief that progress towards Economic and Monetary
Union will contribute to the economic growth of all Member States;
NOTING that the Community's Structural Funds are being doubled in
real terms between 1987 and 1993, implying large transfers,
especially as a proportion of GDP of the less prosperous Member
States;
NOTING that the European Investment Bank is lending large and
increasing amounts for the benefit of the poorer regions;
NOTING the desire for greater flexibility in the arrangements for
allocation from the Structural Funds;
NOTING the desire for modulation of the levels of Community
participation in programmes and projects in certain countries;
NOTING the proposal to take greater account of the relative prosperity
of Member States in the system of own resources,
REAFFIRM that the promotion of economic and social cohesion is vital
to the full development and enduring success of the Community, and
underline the importance of the inclusion of economic and social
cohesion in Articles 2 and 3 of this Treaty;
REAFFIRM their conviction that the Structural Funds should continue to
play a considerable part in the achievement of Community objectives
in the field of cohesion;
REAFFIRM their conviction that the European Investment Bank should
continue to devote the majority of its resources to the promotion of
economic and social cohesion, and declare their willingness to review
the capital needs of the European Investment Bank as soon as this is
necessary for that purpose;
REAFFIRM the need for a thorough evaluation of the operation and
effectiveness of the Structural Funds in 1992, and the need to review,
on that occasion, the appropriate size of these Funds in the light of the
tasks of the Community in the area of economic and social cohesion;
AGREE that the Cohesion Fund to be set up before 31 December 1993
will provide Community financial contributions to projects in the fields
of environment and trans-European networks in Member States with a
per capita GNP of less than 90% of the Community average which
have a programme leading to the fulfilment of the conditions of
economic convergence as set out in Article 104c;
DECLARE their intention of allowing a greater margin of flexibility in
allocating financing from the Structural Funds to specific needs not
covered under