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Why a new Social Fund? Information [Social Policy] 16/72

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  • Economics


COMMISSION OF THE EUROPEAN COMMUNITIES Press and Information Directorate-General B-1040 BRUSSELS April 1972 Rue de Ia Loi 200 Tel. 350040 ext. 2590 Telex COMEURBRU 21877 ·z~fDRf:II1T%D~ ___ I s_o c_I A L_P_o L I_c Y- WHY A NEW SOCIAL FUND ? 16/72 The .European Social Fund, after ten years' operation, came out with a new look on May 1, 1972. The transformation reflects a change in the background. In 1958, the Common Market was only a hope, and had scarcely begun to influence the structures of member countries. In 1972, it is an essential part of economic growth, and there is no sector of economic and social life which does not bear its deep imprint. The Community Council, when ft decided in 1971 to form an Economic and Monetary Union, was pronouncing in favour of balanced economic growth, which implied a desire to equip itself with adequate instruments to ensure that nobody should be left aside in the march of progress. As in the past, the assignment of the Fund, in its new form, is to promote within the Community, employment opportunities and the mobility, both geographical and vocational, of the workers; but the instrument has been adapted to the needs of the time. What was yesterday a simple inter-State equalisation fund, for the sole benefit of unemployed workers, has now become an active element in employment policy. Its resources have been increased and its mandate en- larged, so that it can contribute to the best possible utilisation of the whole working population, subject to a framework of priorities laid down at Community level. In the initial phase (September 1960 - December 1971) the aid granted 1 )' . by the Fund amounted to 210.36 million units of account (UC) • The Fund's 1) The unit of account, or UC, is equivalent to the pre-Nixon dollar. At the time of this writing (April 1972) it is equivalent to $ 1,08571 US or 41,6667 pence stg. 2. budget for 1972 provides for an outlay of UC 97.75 million. This is a transition

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