The European Parliament adopted a report by Giovanni Claudio FAVA (PES, IT) and approved the Council’s common position. It should be noted that this regulation is part of the Structural Funds package for 2007 to 2013. (Please also see COD/2004/0168, AVC/2004/0163 and AVC/2004/0166.) The package defines the objectives, the financial resources available and the criteria for their allocation in an enlarged EU. Approximately EUR 308 billion - or 35.7 per cent of the total EU budget - will be available to spend, as scheduled, from 1 January 2007.