Brussels, 19/11/2015 (Agence Europe) - On Thursday 19 November, the European Commission decided to bring proceedings against Luxembourg before the Court of Justice of the EU, as the country has not transposed the directive (2014/14) aiming to reduce overreliance on credit ratings.
This directive was to have been transposed into national law by 21 December 2014. The Commission sent Luxembourg a letter of formal notice on 29 January 2015, followed by a reasoned opinion on 19 June 2015. In the absence of any reaction, the Commission has decided to bring the matter before the Court of Justice.
The Commission is asking the Court to fine Luxembourg €6,700 a day until it fully transposes the legislation into its national law. The sanctions, the final level of which will be set by the Court and may not exceed the Commission's proposal, will take account of the gravity and duration of the infringement and the deterrent effect it may have, in relation to the ability of the member state to pay. (Original version in French by Elodie Lamer)