Under assent procedure, the European Parliament adopted the decision by Arlene McCarthy (PSE,UK) and Konstantinos Hatzidakis (PPE,GR), which gives the Parliament's assent to the draft Council regulation laying down general provisions on the Structural Funds. The draft represents the compromise reached with the Council in April 1999, which adds a fourth Community initiative URBAN, for the economic and social rehabilitation of towns and urban areas in crisis. This fourth initiative will have a budget of EURO 700 million.
The compromise also contains the modification of the overall financing of the initiatives (reduced from 5% to 3.5% of total commitment appropriations for the Structural Funds) and innovative measures and technical assistance (0.65% of commitments).�