2.2.2001 Official Journal of the European Communities L 32/55 COUNCIL DECISION of 22 December 2000 on the application of principles of a framework agreement on project finance in the field of officially supported export credits (2001/77[EC) THE COUNCIL OF THE EUROPEAN UNION, (6)  The new principles for project finance transactions Having regard to the Treaty establishing the European Community, and in particular Article 133(2) thereof, Having regard to the proposal from the Commission, Whereas: () The Community is party to the Arrangement on guidelines for officially supported export credits (hereinafter referred to as the ‘Arrangement’) concluded within the framework of the OECD; (2)  The Arrangement is the subject of a Council Decision of 4 April 1978, which was extended by Decision 93/112/EEC(") and last amended by Decision 97/530/EC (3); the Participants in the Arrangement have drawn up a new consolidated text which comprises all the amendments approved by them since the revision of the Arrangement, which was made applicable by Decision 93/112/EEC; (3)  The Participants in the Arrangement have decided that there is a need to supplement the Arrangement guidelines with principles affording the flexibility to accommodate the special characteristics of project finance transactions; (49)  The Participants in the Arrangement do not wish any flexibility to weaken the disciplines provided by the Arrangement guidelines which have been highly successful in regulating government intervention in the field of export credits; (5)  The Participants in the Arrangement have agreed on new principles for the provision of official support for project finance transactions; () OJ L 44,22.2.1993, p. 1. () OJL 216, 8.8.1997, p. 77. should operate during a trial period of three years; (7)  The Arrangement continues to apply except where the new principles state that flexibility is permitted for project finance transactions; (8)  The Participants in the Arrangement should decide at the end of the trial period whether to continue to apply the new principles for project finance transactions, HAS ADOPTED THIS DECISION: Article 1 The principles contained in the framework agreement set out in the Annex shall apply in the Community. Article 2 The principles referred to in Article 1 shall apply to project finance transactions during a trial period. Article 3 This Decision is addressed to the Member States. Done at Brussels, 22 December 2000. For the Council The President C. PIERRET