Article 47 — Common projects

1. The Commission may set up common projects, based on the needs for synchronisation amongst stakeholders, for implementing the essential operational changes identified in the European ATM Master Plan having a network-wide impact and having reached sufficient maturity for implementation in order to enable interoperable capabilities in all Member States with a view to improving the performance of the Single European Sky. 2. The Commission may also establish governance mechanisms for common projects and their implementation. All relevant civil and military stakeholders shall be involved in these mechanisms to the widest possible extent and, where possible and as appropriate, have a leading role. 3. Common projects may be eligible for Union funding within the multiannual financial framework. To this end, and without prejudice to Member States’ competence to decide on the use of their financial resources, the Commission shall carry out an independent cost-benefit analysis and appropriate consultations with the Member States and with relevant stakeholders in accordance with Article 49, exploring prioritisation and all appropriate means for financing the implementation thereof. 4. The Commission shall adopt implementing acts establishing the common projects and governance mechanisms referred to in paragraphs 1 and 2 of this Article. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 48(3).