PROTOCOL ON ECONOMIC AND SOCIAL COHESION THE HIGH CONTRACTING PARTIES, RECALLING that the Union has set itself the objective of promoting economic and social progress, inter alia, through the strengthening of economic and social cohesion; RECALLING that Article 2 of the Treaty establishing the European Community includes the task of promoting economic and social cohesion and solidarity between Member States and that the strengthening of economic and social cohesion figures among the activities of the Community listed in Article 3; RECALLING that the provisions of Part Three, Title XIV, on economic and social cohesion as a whole provide the legal basis for consolidating and further developing the Community's action in the field of economic and social cohesion, including the creation of a new fund; RECALLING that the provisions of Part Three, Title XII on trans- European networks and Title XVI on environment envisage a Cohesion Fund to be set up before 31 December 1993; STATING their belief that progress towards Economic and Monetary Union will contribute to the economic growth of all Member States; NOTING that the Community's Structural Funds are being doubled in real terms between 1987 and 1993, implying large transfers, especially as a proportion of GDP of the less prosperous Member States; NOTING that the European Investment Bank is lending large and increasing amounts for the benefit of the poorer regions; NOTING the desire for greater flexibility in the arrangements for allocation from the Structural Funds; NOTING the desire for modulation of the levels of Community participation in programmes and projects in certain countries; NOTING the proposal to take greater account of the relative prosperity of Member States in the system of own resources, REAFFIRM that the promotion of economic and social cohesion is vital to the full development and enduring success of the Community, and underline the importance of the inclusion of economic and social cohesion in Articles 2 and 3 of this Treaty; REAFFIRM their conviction that the Structural Funds should continue to play a considerable part in the achievement of Community objectives in the field of cohesion; REAFFIRM their conviction that the European Investment Bank should continue to devote the majority of its resources to the promotion of economic and social cohesion, and declare their willingness to review the capital needs of the European Investment Bank as soon as this is necessary for that purpose; REAFFIRM the need for a thorough evaluation of the operation and effectiveness of the Structural Funds in 1992, and the need to review, on that occasion, the appropriate size of these Funds in the light of the tasks of the Community in the area of economic and social cohesion; AGREE that the Cohesion Fund to be set up before 31 December 1993 will provide Community financial contributions to projects in the fields of environment and trans-European networks in Member States with a