L 169/108 Official Journal of the European Union 7.6.2014 COUNCIL REGULATION (EU) No 559/2014 of 6 May 2014 establishing the Fuel Cells and Hydrogen 2 Joint Undertaking (Text with EEA relevance) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 187 and the first paragraph of Article 188 thereof, Having regard to the proposal from the European Commission, Having regard to the opinion of the European Parliament Having regard to the opinion of the European Economic and Social Committee (1), Whereas: (1)  Public-private partnerships in the form of Joint Technology Initiatives were initially provided for in Decision No 1982/2006/EC of the European Parliament and of the Council (%). (2)  Council Decision 2006/971/EC (}) identified specific public-private partnerships to be supported, including a public-private partnership in the specific area of the Fuel Cells and Hydrogen Joint Technology Initiative. (3)  The Communication from the Commission entitled: ‘Europe 2020: A strategy for smart, sustainable and inclusive growth’ (Europe 2020 Strategy’) emphasises the need to develop favourable conditions for investment in knowledge and innovation so as to achieve smart, sustainable and inclusive growth in the Union. Both, the European Parliament and the Council have endorsed the Europe 2020 Strategy. (4)  Regulation (EU) No 1291/2013 of the European Parliament and of the Council (*) (Horizon 2020) aims to achieve a greater impact on research and innovation by combining Horizon 2020 and private sector funds within public- private partnerships in key areas where research and innovation can contribute to the Union’s wider competi- tiveness goals, leverage private investment, and help tackle societal challenges. Those partnerships should be based on a long-term commitment, including a balanced contribution from all partners, be accountable for the achievement of their objectives and be aligned with the Union’s strategic goals relating to research, development and innovation. The governance and functioning of those partnerships should be open, transparent, effective and efficient and give the opportunity to a wide range of stakeholders active in their specific areas to participate. In accordance with Regulation (EU) No 1291/2013, the involvement of the Union in those public-private part- nerships may take the form of financial contributions to joint undertakings established on the basis of Article 187 of the Treaty on the Functioning of the European Union (TFEU) under Decision No 1982/2006/EC. () Opinion of 10 December 2013 (not yet published in the Official Journal). (%) Decision No 1982/2006/EC of the European Parliament and of the Council of 18 December 2006 concerning the Seventh Framework programme of the European Community for research, technological development and demonstration activities (2007-2013) (O] L 412, 30.12.2006, p. 1). (}) Council Decision 2006/971/EC of 19 December 2006 concerning the Specific Programme ‘Cooperation’ implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007-2013) (O] L 400, 30.12.2006, p. 86). (*) Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 — The Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (O] L 347, 20.12.2013, p. 104).