7.10. 95 Official Journal of the European Communities No L 240/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC, Euratom, ECSC) No 2333/95 of 18 September 1995 amending the Financial Regulation of 21 December 1977 applicable to the general budget of the European Communities THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Coal and Steel Community, and in particular Article 78h thereof, Having regard to the Treaty establishing the European Community, and in particular Article 209 thereof, Having regard to the Treaty establishing the European Atomic Energy Community, and in particular Article 183 thereof, Having regard to the proposal form the Commission ('), Having regard to the opinion of the European Parliament (?), Having regard to the opinion of the Court of Auditors (), Whereas the principle of subsidiarity is enshrined in the Treaty on European Union and must be incorporated in the Financial Regulation of 21 December 1977 applicable to the general budget of the European Communities (%) (hereinafter referred to as ‘the Financial Regulation’); Whereas that Treaty raises the Court of Auditors to institution status and confers a new task upon it; whereas the provisions of the Financial Regulation relating to that institution should be adapted and supplemented accordingly; Whereas Article 89 of the financial Regulation must be amended to reflect the stronger powers of control exercised by Parliament and the Council over the execution of the budget on the basis of reports and the (") O] No C 254, 1. 10. 1992, p. S, and O] No C 56, 24. 2. 1994, p. 5. (?) OJ No C 329, 6. 12, 1993, p. 115. (*) OJ No C 342, 23. 12. 1992, p. 1. (*} O] No L 356, 31. 12. 1977 p. 1. Regulation as last amended by Regulation (ECSC, EC, Euratom) No 2730/94 (O] No L 293, 12. 11. 1994, p. 7). statement of assurance as to the reliability of accounts issued by the Court of Auditors; Whereas the implementation of the Agreement on the European Economic Area requires that appropriate provisions be inserted in the Financial Regulation to govern, in particular, the budgetarv presentation and execution of the additional financial contribution resulting from financial participation bv the EFTA countries; Whereas appropriate provisions must be inserted in the Financial Regulation to govern the financial participation of third parties in Community activities; Whereas it must be clearly stated that, when awarding contracts, the institutions must comply with the same obligations as are incumbent on bodies in the Member States by virtue of the Council directives coordinating procedures for the award of public works, supply and services contracts with a value equal to or higher than the thresholds established by those directives; whereas the provisions applicable to contracts below those thresholds should at the same time be clarified and adjusted; Whereas conciliation has taken place as provided for in the Joint Declaration of the European Parliament, the Council and the Commission of 4 March 1975 (*) and in Article 127 of the Financial Regulation, HAS ADOPTED THIS REGULATION: Article 1 The Financial Regulation is hereby amended as follows: 1. the following Part I shall be inserted: ‘Provisions applicable to the general budget of the European Communities’; (*) OJ No C 89, 22. 4. 1975, p. 1.