Parliament determined to monitor coal and steel research fund
The European Parliament has reaffirmed its determination to monitor the coal and steel research fund, managed by the Commission, following the expiry of the ECSC Treaty on 23 July 2002. Following the termination of the Treaty, a solvency rate of 100 per cent is expected to be achieved, and the remaining reserves, expected to be around 1.1 billion euro, transferred to the research fund. Parliament intends to assess and control the use and yield of the research fund, and has requested that the Commission provide all necessary information so that the financial performance of the liquid asset management can be evaluated in the framework of market conditions. Members of the European Parliament are also calling on the Commission to evaluate the extent to which the ECSC has fulfilled the Treaty's objectives of economic expansion, growth in employment and a rising standard of living.