Press Release: European Commission approves overhaul of rules on large investment aid, including in automobile and synthetic fibres sectors

A major reform to establish a faster, simpler and more accountable control system of Government support to large investments in the EU was approved by the European Commission on 13 February 2002. The so-called 'Multisectoral Framework on regional aid for large investment projects' will create greater transparency and reduce the overall level of subsidies granted in the European Union, to the benefit of a healthy competition and taxpayers alike. The new Framework will enter into force on 1 January 2004; for the motor vehicle and the synthetic fibres sector it will enter into force already on 1 January 2003.