12.12.2000 Official Journal of the European Communities L311/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 2698/2000 of 27 November 2000 amending Regulation (EC) No 1488/96 on financial and technical measures to accompany (MEDA) the reform of economic and social structures in the framework of the Euro-Mediterranean partnership THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof, Having regard to the proposal from the Commission ('), Having regard to the Opinion of the European Parliament (%), Whereas: (1)  Article 15(6) of Regulation (EC) No 1488/96 (*) provides that the Regulation will be reviewed by the Council before 30 June 1999 and that the Commission shall, if necessary, submit to the Council the amendments to be made to it. (2)  The Mediterranean region constitutes a priority area for the European Union and the political, economic and social development of the Mediterranean partners is a challenge of ever increasing proportions. (3) It is important to pursue and intensify the cooperation launched within the Euro-Mediterranean partnership which was established by the Barcelona Declaration of 27 November 1995. (4) New Euro-Mediterranean Association Agreements are now starting to come into force and their preparation and implementation require important adjustment efforts by the Mediterranean partners. These efforts should be supported by the Community. (5)  Over the period 1995 to 1998 Regulation (EC) No 1488/96 has been implemented satisfactorily but it is now necessary to streamline decision-making procedures in order to permit more efficient implementation of Community assistance. () O] C 89 E, 28.3.2000, p. 4. (¥ Opinion delivered on 6 September 2000 (not yet published in the Official Journal). () OJ L 189, 30.7.1996, p. 1. Regulation as last amended by Regula- tion (EC) No 780/98 (O] L 113, 13.4.1998, p. 3). (6) (10) (11) 0] 0] 0] Indicative programming should therefore express more clearly the envisaged impact of planned MEDA funded operations in the context of Mediterranean partners' reform processes and the establishment of the Euro- Mediterranean partnership. Strategy papers and the national and regional indicative programmes should define the main objectives of, the guidelines for, and the priority sectors of Community support. The introduction of national and regional financing plans based on the indicative programmes facilitates the streamlining of decision-making procedures. Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities' financial interests () establishes a common legal framework for all the fields of the Communities' own resources and expenditure. Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities () applies to all areas of the Communities' activity without prejudice to the provi- sions of Community rules specific to the different policy areas. The measures necessary for the implementation of this Regulation should be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (6). The Commission and the European Investment Bank are committed to ensuring further improvement of their collaboration on the implementation of risk capital operations and interest rate subsidies. L 312, 23.12.1995, p. 1. L 292, 15.11.1996, p. 2. L 184, 17.7.1999, p. 23.