11.8.2005 Official Journal of the European Union L 209/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 1290/2005 of 21 June 2005 on the financing of the common agricultural policy THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular the third subparagraph of Article 37(2) thereof, Having regard to the proposal from the Commission, Having regard to the Opinion of the European Parliament (%), Whereas: 1 The common agricultural policy consists of a series of measures, some of which relate to rural development. It is important that financing be provided for those measures in order to contribute to the attainment of the objectives of the common agricultural policy. Since the measures have certain elements in common but also differ in a number of respects, their financing should be combined under one regulatory framework which allows for different treatment where necessary. In order to take account of those differences, two European agricultural funds should be created, namely the European Agricul- tural Guarantee Fund (hereinafter ‘EAGF), for the financing of market measures, and the European Agricultural Fund for Rural Development (hereinafter ‘EAFRD’), for the financing of rural development programmes. Opinion delivered on 26 May 2005 (not yet published in the Official Journal). ) The Community budget should finance common agricultural policy expenditure, including that on rural development, through the abovementioned Funds. In line with Article 53 of Council Regulation (EC, Euratom) No 1605/2002 of 25 jJune 2002 on the Financial Regulation applicable to the general budget of the European Communities (%), this is done either centrally or in the context of shared management with the Member States. All the types of measure that can be financed using the said Funds should be specified. During the clearance of accounts, if the Commission does not have satisfactory assurance that the national controls are adequate and transparent and that the paying agencies verify the legality and correctness of the declarations of expenditure which they execute, it cannot determine within a reasonable period of time the total expenditure to be entered against the European Agri- cultural Funds. Provision should therefore be made for the accreditation of paying agencies by Member States, the establishment by them of procedures for obtaining the requisite declarations of assurance, and the certifica- tion of management and control systems, as well as the certification of annual accounts by independent bodies. OJ L 248, 16.9.2002, p. 1.