DECLARATION ON THE REVISION OF THE FINANCIAL REGU Sample Clauses

DECLARATION ON THE REVISION OF THE FINANCIAL REGU. LATION Within the framework of the revision of the Financial Regulation the insti- tutions commit themselves to improve implementation of the budget and increase the visibility and the benefit of Community funding towards the citizens without calling in question the progress achieved in the 2002 recasting of the Financial Regulation. They will also seek, as far as possible, during the final stage of the negotiations on the revision of the Financial Regulation and its Implementing Rules, the right balance between the protection of financial interests, the principle of proportionality of administrative costs, and user-friendly procedures. The revision of the Financial Regulation will be carried out on the basis of a modified proposal from the Commission in accordance with the conci- liation procedure established by the Joint Declaration of the European Parliament, the Council and the Commission of 4 March 1975, in the spirit which enabled agreement in 2002. The institutions will also seek close and constructive interinstitutional cooperation for the swift adoption of the Implementing Rules in order to simplify procedures for funding whilst ensuring a high level of protection of the Community's financial interests. The European Parliament and the Council are firmly committed to concluding the negotiations on the Financial Regulation so as to allow its entry into force, if possible, on 1 January 2007.
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Related to DECLARATION ON THE REVISION OF THE FINANCIAL REGU

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