EU threatens court cases on pensions - Business
The European Union threatened Wednesday to go to court to force 11 countries, including Britain and France, to enact laws to enable pension funds to operate on an EU-wide scale. Britain was singled out because it had not fully implemented pension rules passed at the EU level in 2003 and had not extended the rules to Gibraltar, the colony it rules on Spain's southern tip, the European Commission said. Some EU governments are "effectively denying citizens and businesses across Europe the full benefit of the single market," the financial services commissioner, Charlie McCreevy, said in a statement.
The EU is seeking to build a common pension fund system to ease the financial strains on governments and give its 450 million citizens the right to build up retirement savings throughout the 25- nation bloc.
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