The European Union has adopted a new set of financial rules concerning the use of EU funds for the 2007-2013 financial period designed to simplify access to funding. In particular, grants of up to EUR 25,000 will require less documentation. Financial guarantees required for grants below EUR 60,000 may be waived once the financial risk has been assessed. The threshold for award of public contracts using the simplified purchasing procedure will also be increased from EUR 50,000 to EUR 60,000. For the first time, the names of beneficiaries of (i) structural funds and external aid programmes, and (ii) agricultural subsidies, will have to be disclosed to the public as of 2008 and 2009 respectively.