Common use of European Globalisation Adjustment Fund Clause in Contracts

European Globalisation Adjustment Fund. ‌ 13. The European Globalisation Adjustment Fund is intended to provide additional support for workers who suffer from the consequences of major structural changes in world trade patterns, to assist them with their reintegration into the labour market. The Fund may not exceed a maximum annual amount of EUR 500 million (current prices) which can be drawn from any margin existing under the global expenditure ceiling of the previous year, and/or from cancelled commitment appropriations from the previous two years, excluding those related to heading 1b of the financial framework. The appropriations will be entered in the general budget of the European Union as a provision through the normal budgetary procedure as soon as the Commission has identified the sufficient margins and/or cancelled commitments, in accordance with the second paragraph. When the conditions for mobilising the Fund, as set out in the relevant basic act, are met, the Commission will make a proposal to deploy it. The decision to deploy the Fund will be taken jointly by the two arms of the budgetary authority in accordance with Point 3. At the same time as it presents its proposal for a decision to deploy the Fund, the Commission will present to the two arms of the budgetary authority a proposal for a transfer to the relevant budgetary lines. In the case of disagreement a trilogue procedure will be initiated. Transfers related to the Fund will be made in accordance with Article 24(4) of the Financial Regulation.

European Globalisation Adjustment Fund. ‌ 13. The European Globalisation Adjustment Fund is intended to provide additional support for workers who suffer from the consequences of major structural changes in world trade patterns, to assist them with their reintegration into the labour market. The Fund may not exceed a maximum annual amount of EUR 500 million (current prices) which can be drawn from any margin existing under the global expenditure ceiling of the previous year, and/or from cancelled commitment appropriations from the previous two years, excluding those related to heading 1b of the financial framework. The appropriations will be entered in the general budget of the European Union as a provision through the normal budgetary procedure as soon as the Commission has identified the sufficient margins and/or cancelled commitments, in accordance with the second paragraph. When the conditions for mobilising the Fund, as set out in the relevant basic act, are met, the Commission will make a proposal to deploy it. The decision to deploy the Fund will be taken jointly by the two arms of the budgetary authority in accordance with Point 3. At the same time as it presents its proposal for a decision to deploy the Fund, the Commission will present to the two arms of the budgetary authority a proposal for a transfer to the relevant budgetary lines. In the case of disagreement a trilogue procedure will be initiated. Transfers related to the Fund will be made in accordance with Article 24(4) of the Financial Regulation.