THE EUROPEAN Commission has said that the average annual budget for the Research Fund for Coal and Steel, that will replace the spending of the soon-to-lapse European Coal and Steel Community, should average at Euro 45 million. Around 72 per cent will be devoted to the steel industry, with the remaining 28 per cent being set aside for studies into the coal sector. For the fund to be formally set up, the relevant protocol of the EU Treaty of Nice has to be ratified by Member States.

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