The European Commission's lofty ambitions are being checked
Published:
30 November 2003 y., Sunday
European Union ministers have approved new corporate takeover rules which triggered sharp divisions in Brussels.
The legislation is a compromise between member states and overrules more radical proposals earlier set out by the European Commission.
The vote marks a second triumph of ministers over commissioners in a week.
The commission is still reeling from the failure of ministers to sanction France and Germany for breaking the rules of euro membership.
The 20-member Commission, which has representatives from each state - and two from the five largest EU countries - is supposed to act as a pan-European executive, but is now facing a crisis of confidence as it competes for power with the councils of ministers from member states.
Earlier this week EU finance ministers defied the Commission and voted not to exercise their power to impose fines on France and Germany for exceeding budget deficit rules laid down in the stability pact for the European single currency.
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