Article III-402(4) of the Constitution provides
that where no European law of the Council
establishing a new financial framework has been adopted by the end of the previous
financial framework, the ceilings and other provisions corresponding to the last year of
that framework shall be extended until such time as that law is adopted.
The Conference states that if no European law of the Council
establishing a new
financial framework has been adopted by the end of 2006 and where the Treaty of
Accession of 16 April 2003 provides for a phasing-in period for the allocation of
appropriations to the new Member States ending in 2006, the allocation of funds as from
2007 will be established on the basis of the same criteria being applied for all Member
States.
