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Post compromise
- MEPs yesterday (13 June) signalled their willingness to back a compromise draft of the third postal directive. Backed by the three biggest political groups, the compromise suggests a two-track approach to liberalisation with a delayed deadline of 2010 for EU-wide liberalisation of postal markets to be followed by a 2012 deadline for new member states and Greece. Parliament’s transport committee will vote on 18 June.
Shareholders’ rights
- The Council of Ministers on Tuesday (12 June) formally adopted a law on shareholders’ rights. New rules, to be in place across the EU within the next two years, will ensure shareholders have timely information on meetings and votes. New standards aimed at increasing management accountability will make it easier for shareholders to ask questions, propose resolutions and place items for discussion on formal agendas.
French electricity
- The European Commission opened an investigation into preferential electricity tariffs being charged to companies in France. The tariffs, largely financed by the state, could be considered illegal state aid. France is likely to resist pressure to outlaw the regulated prices, having already indicated that it wants to avoid the prospect of rising prices following planned liberalisation of the national household supply-market in July.
EU trade in the red
- The EU current account deficit tripled in the first quarter of this year compared to the last quarter of 2006, according to EU statistics agency Eurostat. Figures for the EU27 released on Monday (11 June) showed a deficit of €35.4 billion for the first three months of 2007. Corresponding figures for the final three months of last year showed a deficit of €11.6bn.
Bank bankruptcy
- The Commission launched a public consultation on bankruptcy proceedings for banking groups. It will explore ways of winding up cross-border banking groups and will scrutinise potential obstacles to the transferral of assets. The consultation, which closes in September, will form part of a Commission communication on the application of the capital requirements directive, due by the end of 2011.
Stability Pact
- Joaquín Almunia, European commissioner for economic and monetary affairs, yesterday proposed measures to make the Stability and Growth Pact more effective. The proposals deal with the way governments form their budgetary strategies and with surveillance and co-ordination of economic and budgetary policies at EU level. According to Commission forecasts, only ten out of the 27 member states will reach their budgetary objectives in 2008.
The low-cost Irish airline Ryanair is preparing to appeal against a forthcoming European Commission ruling blocking its €1.48 billion-bid for rival Aer Lingus.
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