15.3.2014 Official Journal of the European Union L7711 REGULATION (EU) No 231/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 March 2014 establishing an Instrument for Pre-accession Assistance (IPA II) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212(2) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the European Economic and Social Committee ('), Having regard to the opinion of the Committee of the Regions (3), Acting in accordance with the ordinary legislative procedure (%), Whereas: ()  In its Communication of 29 June 2011 entitled ‘A Budget for Europe 2020’, the Commission set the frame- work for the Union’s instruments for financing external action, including the Instrument for Pre-accession Assis- tance (TPA IT). (2)  As Council Regulation (EC) No 1085/2006 (*) expired on 31 December 2013, and in order to make the external action of the Union more effective, a framework for plan- ning and delivering external assistance should be main- tained for the period from 2014 to 2020. The enlarge- ment policy of the Union should continue to be supported by a specific instrument for financing external action. IPA I should therefore be established. (3)  Article 49 of the Treaty on European Union (TEU) provides that any European State which endorses the values of respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the rights of persons belonging to minorities, may apply to become a member of the Union. A Euro- pean State which has applied to join the Union can become a member only when it has been confirmed that () 0JC11,15.1.2013,p. 77. () 0JC391,18.12.2012,p. 110. (’) Position of the European Parliament of 11 December 2013 (not yet published in the Oﬁlaal Journal) and decision of the Council of 11 March 2014. (*) Council Regulation (EC) No 1085/2006 of 17 July 2006 establishing an Instrument for Pre-Accession Assistance (IPA) (O] L 210, 31.7.2006, p. 82). it meets the membership criteria established at the Copenhagen European Council in June 1993 (the ‘Copen- hagen criteria’) and provided that the accession does not overstretch the capacity of the Union to integrate the new member. Those criteria relate to the stability of insti- tutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities, the existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the Union, and the ability to assume not only the rights but also the obligations under the Trea- ties, including adherence to the aims of political, economic and monetary union. The enlargement strategy based on consolidation, condi- tionality and communication, combined with the Union’s capacity to integrate new members, continues to form the basis for a renewed consensus on enlargement. The accession process is based on objective criteria and on the application of the principle of equal treatment of all applicants, with each one being assessed on its own merits. Progression towards accession depends on each applicant’s respect for the Union’s values and its capacity to undertake the necessary reforms to align its political, institutional, legal, administrative and economic systems with the rules, standards, policies and practices in the Union. The enlargement process reinforces peace, democracy and stability in Europe and allows the Union to be better positioned to address global challenges. The transforma- tive power of the enlargement process generates far- reaching political and economic reform in the enlarge- ment countries which also benefits the Union as a whole. The European Council has granted the status of candidate country to Iceland, Montenegro, the former Yugoslav Republic of Macedonia, Turkey and Serbia. It has confirmed the European perspective of the Western Balkans. Without prejudice to positions on status or to any future decisions to be taken by the European Council or by the Council, those benefiting from such a European perspective which have not been granted candidate country status may be considered as potential candidates for the sole purpose of this Regulation. Financial assis- tance under this Regulation should be granted to all beneficiaries listed in Annex L Assistance under this Regulation should be provided in accordance with the enlargement policy framework defined by the European Council and the Council and taking due account of the Communication on the Enlar- gement Strategy and the Progress Reports comprised in