Brussels, 30/05/2011 (Agence Europe) - The ministers meeting for the Competitiveness Council on Monday 30 May reached a political agreement on the Presidency's compromise, which allows the Member States to make “micro-enterprises” with fewer than 10 staff members, a balance sheet of less than 250,000 euros and an annual turnover of under 500,000 euros exempt from the obligation to publish financial information and annual accounts, with the aim of reducing their administrative costs. This compromise halves the criteria initially laid down in the Commission's proposal for the balance sheet and turnover (500,000 euros and 1 million euros respectively), which would have excluded a good many micro-enterprises from the reform. For the others, however, the practical result will be a balance sheet and results pruned right back to the essential elements and the obligation for simplified publication of just the balance sheet and a one-stop shop, which Commissioner Barnier believes will allow the 5,200,000 micro-enterprises of Europe to save 3 billion euros a year. Most of the Member States felt that a good compromise had been struck between the need to reduce the burden on these businesses and to keep the required accounting transparency in place. (F.G./transl.fl)