The EU Commission has started
second phase infraction proceedings against Italy for not having
implemented a European directive on BRRD bank resolution
mechanisms, EU sources said Thursday.
The directive, which sets out the rules of the so-called
"bail-in," that is the participation of private investors in
rescue operations, should have become law in Italy by Dec. 31.
If legislation is not passed within two months the EU
could refer Italy for trial at the Court of Justice.
Meanwhile after a long night of negotiations the so-called
EU trilogy, an organ that groups representatives of the EU
Commission, the Council and the European Parliament reached an
agreement on EFSI, the European Fund for Strategic Investments,
which is the main policy instrument for the Juncker Plan.
The agreement is to undergo a vote of approval by the
European Parliament June 24.
Under the agreement the European parliament managed to
save 1 billion euros for growth, innovation and infrastructure
that some officials had wanted re-directed to help finance the
Juncker Plan's investment Fund.
The 1 billion allocation was saved by fishing out 543
million euros and 457 million euros not spent from the EU
budgets for 2014 and 2015 respectively, ending a major objection
to the EFSI scheme.
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