The Social and Development Funds and Investment Bank
The European Social Fund was established under Articles 123–27 of the Treaty, the aim of which is to ‘increase the availability of employment and mobility of workers within the Community’. This is achieved by giving grants of up to 50 per cent of expenses incurred by member-countries in vocational and settlement projects. The Fund has now the power to start retraining, etc., and can act only at the request of the member-country although, of course, the Commission uses its powers to help persuade member-countries to take advantage of the Fund. In July 1970 the Council of Ministers agreed the outline of a reform of the Fund. Although it will continue to help to retrain workers because of structural unemployment, and these came mainly from the south of Italy, it will gradually devote considerably more money to helping workers who have become redundant because of the E.E.C.’s policies. In these cases the Commission will be able to take the initiative.
KeywordsDevelopment Fund Thermal Power Station National Currency Technical Service European Economic Community
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