ABSTRACT
The Single European Act was an official recognition of regional policy at Community level in the framework of economic and social cohesion. In Article 130B of the amended Treaty of Rome is stated : 'The Community shall support the achievement of these objectives by the action it takes through the Structural Funds (EAGGF (Guidance section), Social Fund and ERDF), the EIB and the other existing financial instruments.' In fact there are four Structural Funds : the ERDF (European Regional Development Fund) which aims at reducing the gaps in development between the Community's regions, the Guidance Section of the EAGGF (European Agricultural Guidance and Guarantee Fund) which assists in part-financing national agricultural aid schemes and in developing and diversifying the Community's rural areas, the ESF (European Social Fund) which has as its task improving employment prospects in the Community. These were joined in 1993 by the FIFG (Financial Instrument for Fisheries Guidance) which assists in the restructuring of the fisheries sector. FIFG will become a full member of the club of structural funds at the start of the third operational period (see chapter 11).
