EUROPE - The European pensions directive inched forward last night when the European Council of Finance Ministers formally transmitted the new form of the directive to the European Parliament so that it can go through a second reading.

“It was formally transmitted to the parliament last night,” said Ursula Schallabock, the assistant to Austrian MEP Othmar Karas. He was the rapporteur for the European Parliament’s Committee on Economic and Monetary Affairs, or EMAC, for the directive for the first Parliamentary plenary, and is likely to remain so for the second reading.

The document contains the so-called “common position” of Ecofin. EMAC will now be able to meet in early December to begin the work of assessing the Parliament’s position on the proposals. Voting on the proposals should take place in January or February next year, Schallabock says.

Othmar Karas is to explain his views on the proposals next week, she added.