31.7.2012 Official Journal of the European Union L 204/1 (Legislative acts) REGULATIONS REGULATION (EU) No 670/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 11 July 2012 amending Decision No 1639/2006/EC establishing a Competitiveness and Innovation Framework Programme (2007-2013) and Regulation (EC) No 680/2007 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 on the Functioning of the European Union, and in particular Article 172, and Article 173(3) 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 (1), After consulting the Committee of the Regions, Acting in accordance with the ordinary legislative procedure (2), Whereas: (1) Decision No 1639/2006/EC of the European Parliament and of the Council () establishes the Competitiveness and Innovation Framework Programme (CIP) with different types of implementing measures pursued by specific programmes, of which ‘the Information and Communications Technologies (ICT) Policy Support Programme’ provides support for the strengthening of the internal market for ICT products and services and ICT-based products and services, and aims at stimulating innovation through the wider adoption of, and investment in, ICT. (2)  Regulation (EC) No 680/2007 of the European Parliament and of the Council (* lays down the general () O] C 143, 22.5.2012, p. 134. (?) Position of the European Parliament of 5 July 2012 (not yet published in the Official Journal) and decision of the Council of 10 July 2012. () OJ L 310, 9.11.2006, p. 15. (% OJ L 162, 22.6.2007, p. 1. rules for the granting of Union financial aid in the field of the trans-European transport and energy networks and creates also the risk-sharing instrument ‘Loan Guarantee instrument for TEN-Transport (“TEN-T”) projects’. (3)  Over the next decade, according to Commission esti- mates, unprecedented volumes of investment in Europe’s transport, energy, information and communi- cation networks will be needed in order to contribute to the achievement of the Europe 2020 policy objectives, in particular climate goals and the transition to a resource-efficient low-carbon economy by developing smart, upgraded and fully interconnected infrastructures, and to foster the completion of the internal market. (4)  Debt capital market financing is not readily available for infrastructure projects in the Union. The difficulties for infrastructure projects in gaining access to long-term private finance or public funding should not lead to a deterioration in performance on the part of transport, telecommunication and energy systems nor the slowing down of broadband penetration. Due to the fragmen- tation of the bond markets across the Union, combined with unknown demand as well as the size and complexity of infrastructure projects which require long lead times for project preparation, it is appropriate to address this issue at Union level. (5)  Financial instruments, as governed by Council Regulation (EC, Euratom) No 1605/2002 of 25 June 2002 on the Financial Regulation applicable to the general budget of the European Communities (°), can, in some cases, improve the efficiency of budget spending and achieve high multiplier effects in terms of attracting private sector financing. This is particularly relevant in the context of difficult access to credit, constraints on public finances, and in view of the need to underpin Europe’s economic recovery. () O] L 248, 16.9.2002, p. 1.