13/03/2007 (Agence Europe) - The EU Court of Justice has confirmed the Commission's opinion that Italy has failed in its obligation to transpose Directive 2003/51/EC of 18 June 2003. The directive aims to modernise Community accounting standards for annual and consolidated accounts of banks, other financial establishments and insurance companies. On 1 January 2005, the deadline for transposition of the text, the Republic of Italy had not communicated any provisions along these lines to the Commission. Speaking in its defence, Rome said the various sectors affected needed major administrative investment and that a transposition programme had been initiated in the meanwhile. These arguments did not convince the Court. (cd)