Brussels, 06/12/2012 (Agence Europe) - On Thursday 6 December, the Council of the European Union adopted the recast of the Brussels I regulation which will accelerate the circulation of judgments in civil and commercial matters in the EU. The new rules provide in particular for the exequatur to be abolished - the procedure for the declaration of enforceability of a judgment in another member state. According to the new regulation, this procedure will no longer be necessary - with the judgment automatically acquiring enforceability. This measure should allow SMEs to make considerable savings as the cost of confirming a judgment can vary between €2,000 and €12,000 depending on the case. The legislators - the European Commission, the European Parliament and the European Council - estimate a gain of €47 million per year for businesses and consumers. The Parliament adopted the recast on 20 November. All member states are taking part in the legislation. (SP/transl.fl)