|
Auto battery probe
- The European Commission announced an investigation on Monday (4 December) into the proposed takeover of the auto battery business owned by Italy’s FIAMM group by VB Autobatterie. The Commission is concerned about competition in the market as the takeover would cut the number of major auto battery suppliers in the European Economic Area from three to two. A final decision will be taken before 23 April next year.
Sparkasse deal
- The Commission said on Wednesday (6 December) it had reached agreement with Germany over the use of the name "Sparkasse" for savings banks when sold to private investors. The Commission accepted a German plan that the banks could retain the name once the banks were privatised provided they maintained public service rules and offered community banking services.
Eurozone obligations
- The Commission and the European Central Bank on Tuesday (5 December) warned the nine countries that are formally obliged to join the eurozone that they must do more to meet the convergence criteria to join the single currency. Hungary, with its high budget deficit, was criticised as one of the worst performers. It failed to meet any of the five convergence criteria. Estonia came closest to meeting all the criteria, but was warned that it must do more to tackle inflation.
The European Commission is being urged to remove restrictions on the European government bond markets which are allegedly blocking innovation and costing investors millions of euros a year.
|
