13 March 2009

EP Plenary meeting 9-12 March

Parliament held a debate on the forthcoming European Council and adopted several reports in the field Company Law.

EP debate on forthcoming European Council

Financial crisis, energy and climate change will be the big issues at the European Council of 19-20 March. The majority of MEPs agreed that solidarity among Member States was crucial to solving the economic crisis and that protectionism must be avoided. MEPs adopted a series of reports and resolutions in response to the economic crisis.

Czech deputy prime minister Alexandr Vondra said that the top priority now is the restoration of credit flows to the economy and underlined the need to do more to improve the regulation and supervision of financial institutions. Swift adoption of legislation, such as the Solvency II Directive, the revised Credit Requirements Directive and the UCITS Directive would help, although further reform would be needed, he said.

Next week's Council must make progress in four areas - financial market reform, investing in the real economy, supporting employment, and working through the G-20 forum to strengthen the international financial architecture, Commission President Barroso said.

Ferreira report

Stimulating the EU economy and its competitiveness and making financial markets function again are essential to avoid mass unemployment and create new jobs, according to the report on the economic rescue plans drawn up by Elisa Ferreira (PES, PT) and adopted on Wednesday.

MEPs are concerned that differences between national measures in response to the economic and financial crisis could hamper the functioning of the common market and thus weaken EU's role as a global actor.

Urgent steps to release EU funds, a better financial supervision system, a new global financial regulatory framework and restriction to tax havens also figure among the reports recommendations.

The European Central Bank's role should be enhanced to monitor the financial stability of the Euro area and involve it in supervision of the EU banking sector, the Parliament report says.

The EU should lead negotiations in international bodies - such as the G20, IMF and FSF - to implement new rules on international financial markets and to strengthen the international supervisory system.

Rescue plans for banks should not be unconditional, according to the approved text, which suggests requirements on monetary incentives, provision of credit, restructuring of the sector and protection of social policy terms, in return for the help the banks receive.

Spring 2009 European Council in relation to the Lisbon Strategy

Parliament adopted a resolution on the Lisbon Strategy. MEPs consider that it is time to create the low-carbon economy that has the potential to transform the world and ensure European prosperity and international competitiveness for decades to come. MEPs consider that it is time to stimulate innovative industries, with the capacity to bring new growth to Europe. MEPs in particular say action is needed on tax havens, greater support for the most vulnerable, and solidarity for Central and Eastern Europe.

Parliament says that it supports the decision of the European members of the G20 at the end of February in Berlin, to take 'definitive actions against tax havens and unco-operative jurisdictions', by agreeing on a toolbox of sanctions as soon as possible, which has to be endorsed at the London summit.

EP press release

Report on a European Economic Recovery Plan

Input to the Spring Council

Audio files:

Preparation of the European Council - Czech Deputy PM Alexandr Vondra, Commission President José Manuel Barroso

Preparation of the European Council (full) 

Statute for a European private company  

The report drafted by Klaus Lehne (EPP-ED, DE) proposes a start-up capital of at least €1, provided that the articles of association require that the management body sign a solvency certificate. If not, the capital must be at least €8,000.

Parliament voted on amendments to avoid misuse of the EPC, particularly with regard to employee participation, checks on registration and minimum capital requirements. The EP amended the proposal to establish that a company must have a cross-border component in its business to be eligible for an EPC statute. A "cross-border component" could mean, for example, having a business objective covering more than one Member State or subsidiaries established in several EU countries.

Press release

Report

Cross-borders transfers of company seats

Parliament adopted the report of Klaus Lehne (EPP-ED, DE) asking the Commission to submit a legislative proposal for a directive aimed at facilitating cross-border transfers of registered offices within the EU. The proposed directive will lay down measures for co-ordinating Member States’ national legislation in order to give companies freedom of establishment within the internal market.

MEPs also call for transparency in the application of the new directive in the Member States and propose a reporting requirement for Member States vis-à-vis the Commission whereby undertakings transferring their registered office under the directive must be entered in a European companies register.

Press release

Report

Resolution + Annex

Further issues:

Electronic money directive - Purvis John

Statutory audits of annual accounts and consolidated accounts - Doorn Bert

Report on Competition Policy 2006 and 2007 - Evans Jonathan

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