Saturday, February 4th, 2012
Today's weather     
Technorati Profile

Lisbon Treaty Ratified
  Posted on 6 Fri, Nov 2009, with tags: czech republic, lisbon treaty
Bookmark and Share

This week the last holdout, Czech President Vaclav Klaus, signed the Lisbon Treaty into law. The Treaty is now expected to take legal effect on December 1, 2009, nearly eight years after EU leaders first sat down at the Laeken Summit in 2001 to discuss the need for a new treaty.

The Lisbon Treaty, also referred to as the Reform Treaty, will give the EU "legal personality" and streamline the rule-making process in Brussels.

Under the new voting structure the number of votes apportioned to each country will be based upon population. As a result Poland will see its voting power in the Council reduced. Other changes include the creation of a more permanent EU Presidency, with the term in office lasting 2 1/2 years, as opposed to the current 6 month rotating presidency. The Polish Parliament, together with the parliaments of each member country, however, will in fact gain influence over EU legislation under the Reform Treaty.

Previously the EU did not need to consult national parliaments. Now all of this has changed. The parliaments of member states will now be able to object to draft EU legislation before its enactment. Many other changes abound, including the creation of a European Public Prosecutor, initially empowered to prosecute financial crimes against EU interests, with the understanding that this agency's scope of powers would most likely be expanded to include criminal (penal) crimes as well. Previously the prosecution of such crimes was limited to member states. 
 
In mid-November Sweden, the current holder of the revolving presidency, is expected to call a special summit of EU leaders to quickly take the necessary steps to implement the changes called for by the Reform Treaty.
 
-- Paul B. Fogo

  Comments (0)         READ MORE  
 
Other blogs
Corporate Finance/M&A Corner
Yields on European government bonds
BY Les Nemethy
The chart below represents one of the most important charts for European financial markets in 2011, perhaps even for global ... READ MORE
Corporate Finance/M&A Corner
The power of compound interest as applied to the current debt crisis
BY Les Nemethy
Albert Einstein said that the greatest force in the universe is the power of compound interest. What we have seen ... READ MORE
Our partners