The Commission revealed that it will shortly refer Greece, France and Luxembourg to the European Court of Justice (ECJ) because they have not notified the Commission of national measures implementing the 2002 Collateral Directive or the 2001 Fair Value Directive on accounting rules.

The EC will also send “reasoned opinions” formally requesting the Netherlands to implement the Collateral Directive, and asking Germany and the UK (for Gibraltar) to write into national law the Fair Value Directive. These represent the second stage of formal infringement proceedings under Article 226 of the EC Treaty. If the three Member States in question do not give a satisfactory response within two months, the Commission may decide to refer them to the ECJ as well.

The Commission additionally announced plans to refer Belgium, Germany, Greece, France and Austria to the Court over the incomplete implementation at national level of the 2001 Directive on the mutual recognition of professional qualifications.

Speaking with regard to the planned infringement actions, Single Market Commissioner Charlie McCreevy explained that:

"These Directives have been agreed by the Member States in the Council in order to help allow the single market to realise its enormous potential to create further wealth. When Member States do not fulfil their commitment to implement single market laws on time, citizens and businesses across Europe are denied opportunities."

He continued:

"The new Commission will continue to do all it can to help Member States to get implementing laws on to national statute books by the deadlines that they themselves have set. We will not shrink from taking action if they do not, including by further referrals to the Court.”