ElectronicjournalofcomparatIveLaw,vol.9.1(january2005),<http://www.ejclorg/- ensure better European lawmaking, while respecting the responsibilities of each institution. 24 As will be seen below, this agreement is also highly important when it comes to the conditions under which self-regulation and co-regulation are considered to be appropriate alternatives to European legislation As regards the policy aspect, the striving for deregulation definitively acquired its place at the European level, because it explicitly aims at limiting legislative activity to what is necessary. This aim is given shape in various ways, as regards both existing legislation and new legislation. As regards the existing body of European legislation, an operation of up- dating the stock of existing legislation,and of reducing the volume of the communit acquis' has been set in motion, entailing not only the consolidation and codification of European legislation but also the removal of obsolete legislation. These initiatives contribute to reducing the complexity of the European body of legislation and to enhancing its accessibility. Consolidation is a semi-official ed itorial compilation of the various legal texts concerning a particular issue, which takes place outside the formal decision-making procedures. It has no legal consequences and leaves the legal force of the various texts intact Codification occurs when a formal legal act is adopted, such as a regulation or a directive, on the basis of the prescribed procedures, by which all earlier texts are repealed and replaced by one new text that, in principle at least, does not alter the original contents. 0 A major achievement in this respect is the realisation of the Community Customs Code. 27 Already in 1994, an interinstitutional agreement was adopted to speed up the process of cod ification. 28 This process involves also repealing those parts of the legislation that have become obsolete or invalid. A first initiative in this respect concerns the SLIM project: Simpler Legislation for the Internal Market. The outcome of this pilot project led the Commission to conclude that the project should be extended to other areas of European law as well, and that European legislation should be screened in a more structural way. y Given the rather sloy progress that was achieved in this respect, 30 the Commission set itself a very clear target in 2001 of reducing the volume of the acquis by 25 per cent by the end of 2004, a reduction Document de travail des services de la Commission, Rapport sur la Gouvernance Europeenne(2003 2004), Bruxelles, 22 Septem ber 2004, SEC(2004)1153, p. 11. Not available in English Confirmed most recently in the Communication from the Commission, The implementation of the framework action"Updating and simplify ing the Community acquis, Brussels, 16 June 2004, COM(2004)432 final, p 2 26 See in this sense the Conclusions of the Edinburgh European Council, Bull. EC 12-1992, p. 15 Esta blished in Council Regulation 2913/92.0J 1992.L 302/ Interinstitutional Agreement of 20 December 1994 on accelerated work ing method for official codification of legislative texts, OJ 1996, C 102/2. The annual work programmes of the European Commission and reports on the implementation thereof, published annually since 1993, provide further information on the state of affairs of the cod ification and consolidation activ ities nission to the Council and the et SLIM: Simpler Legislation for the Internal Market, COM(96)559 final and COM(2000)104 See, e.g., Resolution A5-035 1/2000 of the European Parliament on the 2000 report of the Commission on the SLIM project, mentioned in the previous footnoteElectronic Journal of Comparative Law, vol. 9.1 (January 2005), <http://www.ejcl.org/> 7 ensure better European lawmaking, while respecting the responsibilities of each institution.24 As will be seen below, this Agreement is also highly important when it comes to the conditions under which self-regulation and co-regulation are considered to be appropriate alternatives to European legislation. As regards the policy aspect, the striving for deregulation definitively acquired its place at the European level, because it explicitly aims at limiting legislative activity to what is necessary. This aim is given shape in various ways, as regards both existing legislation and new legislation. As regards the existing body of European legislation, an operation of ‘up￾dating the stock of existing legislation’ and of ‘reducing the volume of the Community acquis’ has been set in motion,25 entailing not only the consolidation and codification of European legislation but also the removal of obsolete legislation. These initiatives contribute to reducing the complexity of the European body of legislation and to enhancing its accessibility. Consolidation is a semi-official editorial compilation of the various legal texts concerning a particular issue, which takes place outside the formal decision-making procedures. It has no legal consequences and leaves the legal force of the various texts intact. Codification occurs when a formal legal act is adopted, such as a regulation or a directive, on the basis of the prescribed procedures, by which all earlier texts are repealed and replaced by one new text that, in principle at least, does not alter the original contents.26 A major achievement in this respect is the realisation of the Community Customs Code.27 Already in 1994, an interinstitutional agreement was adopted to speed up the process of codification.28 This process involves also repealing those parts of the legislation that have become obsolete or invalid. A first initiative in this respect concerns the SLIM project: Simpler Legislation for the Internal Market. The outcome of this pilot project led the Commission to conclude that the project should be extended to other areas of European law as well, and that European legislation should be screened in a more structural way. 29 Given the rather slow progress that was achieved in this respect,30 the Commission set itself a very clear target in 2001 of reducing the volume of the acquis by 25 per cent by the end of 2004, a reduction 24 Document de travail des services de la Commission, Rapport sur la Gouvernance Européenne (2003 - 2004), Bruxelles, 22 September 2004, SEC(2004) 1153, p. 11. Not available in English. 25 Confirmed most recently in the Communication from the Commission, The implementation of the framework action ‘Updating and simplifying the Community acquis’, Brussels, 16 June 2004, COM(2004) 432 final, p. 2. 26 See in this sense the Conclusions of the Edinburgh European Council, Bull. EC 12 -1992, p. 15. 27 Established in Council Regulation 2913/92, OJ 1992, L 302/1. 28 Interinstitutional Agreement of 20 December 1994 on accelerated working method for official codification of legislative texts, OJ 1996, C 102/2. The annual work programmes of the European Commission and reports on the implementation thereof, published annually since 1993, provide further information on the state of affairs of the codification and consolidation activities. 29 Cf. the Communication from the Commission to the Council and the European Parliament, ‘Review o f SLIM: Simpler Legislation for the Internal Market’, COM(96) 559 final and COM(2000) 104. 30 See, e.g., Resolution A5-0351/2000 of the European Parliament on the 2000 report of the Commission on the SLIM project, mentioned in the previous footnote