22.7.92 Official Journal of the European Communities No L 206/1 (Acts whose publication is oblitagory) COUNCIL REGULATION (EEC) No 1973/92 of 21 May 1992 establishing a financial instrument for the environment (LIFE) THE COUNCIL OF THE EUROPEAN. COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 130s thereof, Having regard to the proposal from the Commission (1), Having regard to the opinion of the European Parliament (2), Having regard to the opinion of the Economic and Social Committee (3), Whereas the Treaty establishing the European Economic Community provides for the development and implementation of a Community environment policy and sets out the objectives and principles which should guide that policy; ' Whereas, pursuant to Article 130r of the Treaty, action by the Community relating to the environment aims, in particular, to preserve, protect and improve the quality of the environment; whereas, in preparing its action, the Community is to take account, inter alia, of environmental conditions in the various regions of the Community; Whereas Article 130r (4) of the Treaty provides that the Commission shall take action relating to the environment to the extent to which the objectives referred to can be attained better at Community level than at the level of the individual Member States; whereas, without prejudice to certain measures of a Community nature, the Member States shall finance and implement the other measures; Whereas a unified financial instrument for the environment (LIFE) should be established to contribute to the development and implementation of Community policy and legislation regarding the environment; Whereas it is important to define the eligible areas of action which LIFE might support while complying with the ‘polluter pays’ and subsidiarity principles; Whereas priority actions for implementation in eligible fields of action should be established at the latest by 30 September ~of each year for the following year; (*) O] No C 44, 20. 2. 1991, p. 4. (2) OJ No C 267, 14. 10. 1991, p. 211. (3 OJNoC191,22.7.1991,p.7. Whereas it is necessary to specify the detailed rules for LIFE assistance; Whereas provision should be made for an instrument the first phase of which will end on 31 December 1995; Whereas an amount of ECU 400 million is deemed necessary for the implementation of this instrument over the period 1991 to 1995; whereas for the period 1991 to 1992 under the current financial perspective, the amount deemed necessary is ECU 140 million; Whereas mechanisms should be established so that. Community assistance may be adapted to the particular features of the measures to be supported; Wheres it is necessary to establish effective methods of monitoring, assessment and evaluation as well as to ensure adequate information for potential beneficiaries and for the . public; Whereas a Committee should be set up to assist the Commission in implementing the Regulation; Whereas, in the light of the experience gained during the first three years of implementation, the Council should re-examine LIFE’s provisions on the basis of a Commission proposal to be submitted no later than 31 December 1994, ' HAS ADOPTED THIS REGULATION: Article 1 A financial instrument for the environment, hereinafter referred to as ‘LIFE’, is hereby established. The general objective of LIFE shall be to contribute to the development and implementation of Community environmental policy and legislation by financing: (a) priority environmental actions in the Community; (b) (i) technical assistance actions with third countries from the Mediterranean region or bordering on the Baltic Sea;