16. Recalls that in the Joint 2007 Africa-EU Strategy, EU and African leaders pledged to take the necessary measures to ensure that illegally acquired assets, including funds, are investigated and returned to their countries of origin; urges the Member States to act accordingly and in compliance with the UN Convention Against Corruption, in order to ensure the restitution of frozen assets to the Libyan people in the future; stresses that a coordinated EU action is necessary to enact the freezing of assets held by the Gaddafi family and known associates in Europe or in European financial institutions operating in any tax havens, ensuring that ...[+++] EU banks observe due diligence requirements with respect to any potential illicit funds transferred from Libya; stresses that any measures should embrace the totality of assets, including the sovereign wealth funds managed by the Libyan Investment Authority, estimated at $60-80bn worldwide; calls for the freezing of assets to include the proceeds of oil and gas sales; calls on the Council and Member States to fully disclose details on all assets frozen;

Broadly speaking, they say that they have no reservations about the substance of this issue, but they do want to ensure that Quebec's prerogatives and legislation are respected.

(27) The IMI Joint Undertaking should have, subject to prior consultation with the Commission, a distinct Financial Regulation based on the principles of the framework financial regulatio n 1 which takes into account its specific operating needs arising, in particular, from the need to combine Community and private funding to support research and development activities in an efficient and timely manner.

(27) The IMI Joint Undertaking should have, subject to prior consultation with the Commission, a distinct Financial Regulation based on the principles of the framework financial regulation which takes into account its specific operating needs arising, in particular, from the need to combine Community and private funding to support research and development activities in an efficient and timely manner.

In spring of the year n-1, the Commission, having identified the cancelled commitment appropriations of year n-2, will be able to propose entering corresponding amounts (subject to the ceiling of EUR 500 million) in the Preliminary Draft Budget (PDB) of the year n or, at the latest, in the Letter of Amendment to the PDB, into Title 40 'Reserves' (40 02 43 - 'Reserve for the European Globalisation adjustment Fund').

However, they forget that, on the one hand, the national central banks manage these funds on behalf of the ECB, which has sole control of monetary policy. On the other hand, while Article 30(1) of the statutes of the ECB sets the maximum amount for reserve assets at EUR 50 billion, an amount considered sufficient to safeguard the independence of the ECB, two years later, the dogma of independence is looking to Article 30(4) to grant further assets, because it needs to increase its independence and credibility further .