30.12.2006 Official Journal of the European Union L 406/1 (Acts whose publication is obligatory) REGULATION (EC) No 1927/2006 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 December 2006 on establishing the European Globalisation Adjustment Fund THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular the third paragraph of Article 159, Having regard to the proposal from the Commission, Having regard to the Opinion of the European Economic and Social Committee (1), Having regard to the opinion of the Committee of the Regions (%), Acting in accordance with the procedure laid down in Article 251 (), Whereas: (1) Notwithstanding the positive effects of globalisation on growth, jobs and prosperity and the need to enhance European competitiveness further through structural change, globalisation may also have negative consequences for the most vulnerable and least qualified workers in some sectors. It is therefore opportune to establish a European Globalisation adjustment Fund (the EGF), accessible to all Member States, through which the Community would show its solidarity towards workers affected by redundan- cies resulting from changes in world trade patterns. (2) It is necessary to preserve European values and to promote the development of fair external trade. The negative effects of globalisation should be tackled in the first instance by a long-term, sustainable Community strategy for trade policy aiming at high social and ecological standards. The assistance provided by the EGF should be dynamic and capable of adapting to constantly changing and often unforeseen circumstances in the market. (") Opinion delivered on 13 September 2006 (not yet published in the 0J). () Opinion delivered on 11 October 2006 (not yet published in the OJ). (}) Opinion of the European Parliament of 13 December 2006 (not yet published in the OJ) and Council Decision of 19 December 2006. (3) The EGF should provide specific, one-off support to facilitate the re-integration into employment of workers in areas, sectors territories, or labour market regions suffering the shock of serious economic disruption. The EGF should promote entrepreneurship, for example through micro-credits or for setting up cooperative projects. (4)  Actions under this Regulation should be defined according to strict intervention criteria relating to the scale of economic dislocation and its impact on a given sector or geographical area, to ensure that the financial contribution from the EGF is concentrated on workers in the most seriously affected regions and economic sectors of the Community. Such dislocation is not necessarily concen- trated in a single Member State. In such exceptional circumstances, Member States may therefore submit joint requests for assistance from the EGF. (5) The activities of the EGF should be coherent and compatible with the other Community policies and comply with its acquis, especially the interventions of the structural funds, while making a genuine contribution to the Community’s social policies. (6) The Interinstitutional Agreement between the European Parliament, the Council and the Commission of 17 May 2006 on budgetary discipline and sound financial manage- ment (*) (Interinstitutional Agreement) is binding from 1 January 2007 and Point 28 determines the budgetary framework of the EGF. (7) A specific action funded under this Regulation should not receive financial assistance from other Community financial instruments. Coordination with existing or planned modernisation and restructuring measures in the frame- work of regional development is necessary, however, albeit that such coordination should not result in the creation of parallel or additional management structures for actions funded by the EGF. (8) To facilitate the implementation of this Regulation, expenditure should be eligible from the date on which a Member State begins to provide personalised services to the affected workers. Reflecting the need for a concentrated () 0] C 139, 14.6.2006, p. 1.