26.6.1999 Official Journal of the European Communities L 161/1 I (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 1260/1999 of 21 June 1999 laying down general provisions on the Structural Funds THE COUNCIL OF THE EUROPEAN UNION, basis of a Commission proposal before Having regard to the Treaty establishing the European Community, and in particular Article 161 thereof, Having regard to the proposal from the Commission (1), Having regard to the assent of the European Parliament (%), Having regard to the opinion of the Economic and Social Committee (3), Having regard to the opinion of the Committee of the Regions (%), (1) Whereas Article 158 of the Treaty states that, in order to strenghten its economic and social cohesion, the Community shall aim at reducing disparities between the levels of development of the various regions and the backwardness of the least-favoured regions or islands, including rural areas; whereas Article 159 provides for that action to be supported through the Structural Funds, the European Investment Bank (EIB) and the other existing financial instruments; (2) Whereas Article 19 of Council Regulation (EEC) No 2052/88 of 24 June 1988 on the tasks of the Structural Funds and their effectiveness and on coordination  of their activities between themselves and with the operations of the European Investment Bank and the other existing financial instruments(®), requires the Council to re-examine that Regulation on the () OJ C176,9.6.1998, p. 1. (3) Assent delivered on 6 May 1999 (not yet published in the Official Journal). (3) OJ C 407, 28.12.1998, p. 74. (" OJ C373,2.12.1998, p. 1. (°) OJ L 185, 15.7.1988, p. 9. Regulation as last amended by Regulation (EC) No 3193/94 (O] L 337, 24.12.1994, p. 11). 31 December 1999; whereas, in order to improve the transparency of Community legislation, it is desirable to bring together all the provisions concerning the Structural Funds into a single Regulation and to repeal Regulation (EEC) No 2052/88 and Council Regulation (EEC) No 4253/88 of 19 December 1988 laying down provisions for implementing Regulation (EEC) No 2052/88 as regards the coordination of the activities of the different Structural Funds, on the one hand, between themselves and with the operations of the European Investment Bank and the other existing financial instruments, on the other hand (°); (3) Whereas, by virtue of Article 5 of Protocol 6 on special provisions for Objective 6 in the framework of the Structural Funds in Finland and Sweden, attached to the Act of Accession of Austria, Finland and Sweden, the provisions of that Protocol should be re-examined before the end of 1999, simultaneously with Regulation (EEC) No 2052/88; (4) Whereas in order to increase the concentration and simplify the operation of the Structural Funds the number of priority objectives should be reduced as compared with Regulation (EEC) No 2052/88; whereas those objectives should be redefined as promoting the development and structural  adjustment of regions  whose development is lagging behind, economic and social conversion of areas facing structural difficulties and adapting and modernising policies and systems of education, training and employment; (5) Whereas in its efforts to strengthen economic and social cohesion the Community also seeks to promote the harmonious, balanced and sustainable development of economic activities, a high level of employment, equality between men (®) OJ L 374, 31.12.1988, p. 1. Regulation as last amended by Regulation (EC) No 3193/94.