Brussels, 20/11/2003 (Agence Europe) - Entitled "The Constitutional Treaty: A business analysis", the American Chamber of Commerce to the European Union (AMCHAM EU) published its analysis of the draft Treaty on 6 November. It welcomes progress by the European Convention in terms of simplification, but criticises the fact that the third part, on the policies of the Union, which the Convention did not touch, remains just as "opaque". Institutionally, AMCHAM feels that power is often still spread too thinly, and regrets the fact that there is no clear separation between executive and legislative powers. It also condemns the new blow to transparency which is, in its view, the IGC's refusal to create a Legislative Council. AMCHAM welcomes the new provisions in terms of consultation, which should allow greater involvement for economic players. Although it is pleased to see the catalogue of competencies, which is good for transparency and will make lobbying easier, it is worried that problems of interpretation may arise on the principles of subsidiarity and proportionality.