22.6.2007 Official Journal of the European Union L 162/1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) REGULATIONS REGULATION (EC) No 680/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 laying down general rules for the granting of Community financial aid in the field of the trans- European transport and energy networks THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 156 thereof, Having regard to the Commission proposal, Having regard to the opinion of the European Economic and Social Committee (1), After consulting the Committee of the Regions, Acting in accordance with the procedure provided for in Article 251 of the Treaty (?), Whereas: 1 O e The European Council of 15 and 16 March 2002 held in Barcelona underlined in its conclusions that strong and integrated energy and transport networks are the corner- stone of the European internal market and that better use of the existing networks and the completion of missing links will make it possible to increase effectiveness and competitiveness and to guarantee an appropriate level of quality and a reduction in saturation points and, therefore, better long-term viability. These needs fall within the framework of the strategy adopted by the Heads of State and Government at the European Council of 23 and 24 March 2000 held in Lisbon, which has been regularly referred to since then. The European Council of 12 and 13 December 2003 held in Brussels approved European action for growth, calling on the Commission to redirect expenditure, if necessary, towards investments in physical capital, in particular investments in the infrastructure of the trans-European networks, the priority projects of which represent essential elements to strengthen the cohesion of the internal market. OJ C 234, 22.9.2005, p. 69. Opinion of the European Parliament of 26 October 2005 (O] C 272 E, 9.11.2006, p. 405), Council Common Position of 22 March 2007 (O] C 103 E, 8.5.2007, p. 26) and Position of the European Parliament of 23 May 2007 (not yet published in the Official Journal). 3) 0) ) Delays in the completion of effective trans-European connections, in particular cross-border sections, are likely to seriously handicap the competitiveness of the Union, the Member States and peripheral regions which would not, or would no longer, be able to profit fully from the beneficial effects of the internal market. In Decision No 1692/96/EC of the European Parliament and of the Council of 23 July 1996 on Community guidelines for the development of the trans-European transport network (*), the cost of completing the trans- European transport network between 2007 and 2020 was estimated at EUR 600 billion. The investments necessary for the priority projects within the meaning of Annex III to that Decision alone account for almost EUR 160 billion for the period 2007 to 2013. To achieve these goals, both the European Parliament and the Council have put forward the need to strengthen and adapt existing financial instruments through an increase in the level of Community co-financing by providing for the possibility of applying a higher Community co-financing rate, in particular for projects characterised by their cross- border nature, their transit function, or by the crossing of natural barriers. In accordance with the Communication from the Commis- sion to the European Parliament and the Council on the ‘promotion of inland waterway transport “NAIADES™ and having regard to the sustainable nature of inland water- ways, inland waterways projects should receive special attention. In its Resolution of 8 June 2005 on policy challenges and budgetary means of the enlarged Union 2007 to 2013 (%), the European Parliament underlined the strategic impor- tance of transport networks for the completion of the internal market and for closer relations with candidate, pre- candidate and ‘ring of friends’ countries. Moreover, it also expressed its willingness to examine innovative financing OJ L 228, 9.9.1996. Decision as last amended by Council Regulation (EC) No 1791/2006/EC (O] L 363, 20.12.2006, p. 1). 0] C 124 E, 25.5.2006, p. 373.