Reduction in ECSC budget for 1994 The Commission adopted on 20.10.1993 a proposal for a Council Decision on the 1994 budget of the European Coal and Steel Community (ECSC). The proposal reduces the budget considerably in comparison with that for the previous financial year. In particular, the appropriation for... The Commission adopted on 20.10.1993 a proposal for a Council Decision on the 1994 budget of the European Coal and Steel Community (ECSC). The proposal reduces the budget considerably in comparison with that for the previous financial year. In particular, the appropriation for research is to be reduced by almost two thirds of its 1993 level. Several factors contribute to the fall in the overall budgetary allocation: The net ECSC financial balance for 1994 is estimated at ECU 150 million. The previous year, this item represented ECU 269 million (it included both the balance for 1993 together with a large part of the 1992 balance); marketable assets of the ECSC have fallen in value, contributing to the reduction of the net balance for 1994; and the levy on Member States has again been reduced (from 0.25% to 0.23%) in consideration of the expiry of the ECSC Treaty in the year 2002. In consequence, financial activity is to be concentrated on social expenditure. "Aid to readaptation" remains the largest budgetary item, accounting for ECU 157 million, while particular attention is to be focused on social actions in the steel sector. An estimated total appropriation of ECU 240 million over three years is included under this heading. Finally, the budget heading "Research" suffers the most under the proposal, with financial support falling from ECU 123 million in 1993 to a proposed ECU 45 million in 1994.
