WRITTEN QUESTION E-2499/02 by Nicholas Clegg (ELDR) to the Commission. Labelling issues for the textiles/clothing sector.
Date: 2002-09-09
Institutions: European Parliament, Provisional data
Subjects: European Commission, clothing industry, cooperation policy, designation of origin, eco-label, labelling, social labelling, textile industry

C 222 E/8

Official Journal of the European Union

EN

18.9.2003

(2003/C 222 E/007)

WRITTEN QUESTION P-2467/02

by Paulo Casaca (PSE) to the Commission

(29 August 2002)

Subject: Aid C35/02 (cid:1) adaptation of the national tax system to the specific characteristics of the Azores

Instead of an answer proper, he has to date received only the following note:

The author of this question calls on the Commission once again to supply an answer to his question
E-1703/02 (1).
‘The
Honourable Member’s request will be dealt with pursuant to Regulation (EC) No 1049/2001 (2) of the
European Parliament and of the Council of 30 May 2001 regarding public access to European Parliament,
Council and Commission documents’.

The question was concerned was, obviously, tabled pursuant to that regulation (cid:1) which has been in force
since 3 December 2001 (cid:1) and it is on the strength of that same regulation that the author continues to
expect an answer.

The existence of the documents concerned has been made public, on the Commission’s initiative, in the
Official Journal. It should be obvious that there can be no question of invoking Article 4 of the above-
mentioned Regulation, and indeed the Commission has on no occasion done so.

In view of the above, the author of this question stresses that he is awaiting an answer to his question
E-1703/02, pursuant of course to Regulation No 1049/2001.

(1) OJ C 28 E, 6.2.2003, p. 129.
(2) OJ L 145, 31.5.2001, p. 43.

Answer given by Mr Monti on behalf of the Commission

(4 October 2002)

The Commission has carefully examined the Honourable Member’s question regarding a request for access
to the correspondence exchanged between its departments and the Portuguese authorities as part of the
preliminary investigation of a state aid scheme. However, it can merely confirm that such a request will
have to be dealt with pursuant to Regulation (EC) No 1049/2001 of 30 May 2001 regarding public access
to European Parliament, Council and Commission documents and in accordance with the appropriate
procedures.

The Commission will be contacting the Honourable Member in the very near future.

(2003/C 222 E/008)

WRITTEN QUESTION E-2499/02

by Nicholas Clegg (ELDR) to the Commission

(9 September 2002)

Subject: Labelling issues for the textiles/clothing sector

Has the EC drawn any conclusions from its round table meeting on labelling issues for the textiles/clothing
sector held on 30 May 2002?

Answer given by Mr Liikanen on behalf of the Commission

(15 November 2002)

The Commission organised a Round Table on labelling issues for the textile/clothing sector on 30/31 May
2002 in Brussels, which was attended by over seventy stakeholders,
including representatives of the
European textile/clothing industry and trade unions, Member States, candidate countries, and the European
Institutions. The debate covered the question of labels of origin, social/ethical labels, and environmental
labels with a particular emphasis on the Union Eco-label.

18.9.2003

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Official Journal of the European Union

C 222 E/9

The conclusions of the Round Table and a summary record of the proceedings have been drawn up and
sent to participants. They are also available on the Europa website at the following address: http://
europa.eu.int/comm/enterprise/textile/competitiveness.htm.

(2003/C 222 E/009)

WRITTEN QUESTION P-2507/02

by Georges Berthu (NI) to the Commission

(3 September 2002)

Subject: Future accounting standards in the insurance sector

A recent article (30 April 2002) in the French daily ‘Correspondance économique’ highlighted the fact that
the international accounting standards prepared for the insurance sector by the International Accounting
Standards Board (IASB) could result in a company’s balance sheet showing an annual profit equal to the
anticipated variation, in future years, of the value of the policies that company holds.

At present, in many countries, including France, a much more prudent rule is applied: the balance sheet
shows only the actual profit generated for the financial year in question and, as far as the future is
concerned, provision is made for possible losses, but likely profits are not entered in advance.

The recent stock-market problems affecting major companies have shown just how the immediate
incorporation of future profits into the accounts creates scope for speculative interpretations and, in some
cases, even manipulation.

Since this matter is still under discussion in international bodies, does the Commission intend to advocate
a cautious approach?

Answer given by Mr Bolkestein on behalf of the Commission

(15 October 2002)

Regulation (EC) No 1606/2002 of the Parliament and of the Council of 19 July 2002 on the application of
international accounting standards (1), adopted on 7 June 2002, will require all Union listed companies to
prepare their consolidated accounts in accordance with adopted International Accounting Standards (IAS)
from 2005. IAS are primarily developed to meet the needs of the users of general purpose financial
statements, notably the financial markets, and do therefore reflect mainly the needs of market participants.

The International Accounting Standards Board (IASB) has been working on a standard for insurance
contracts since 1997, and the work is not yet finalised. An informal preparatory text (‘Draft Statement of
Principles’) is currently being discussed in the IASB Board. Based upon discussions in the Board to date it is
not yet clear what profit recognition model will be proposed. The appropriate recognition of profits,
including the issue of ‘profit at inception’ is a key element of those discussions.

Any future proposals from IASB will be considered by the European Financial Regulatory Advisory Group
(EFRAG) and the Commission. Any future IAS dealing with this topic must be formally adopted as
required by the IAS Regulation before becoming mandatory in the Community.

Where the main purpose under IAS of general purpose financial statements is to address the needs of
market participants, i.e. investors and shareholders, the objective of prudential rules is to safeguard the
interests of the policyholders. These may be based on financial reporting figures, but the figures may be
amended to be suitable for prudential purposes. Insurance regulators could still require for example extra
safety margins from an insurance company to accommodate prudential concerns they may have. The
Commission has stated previously that any apparent reduction in the degree of prudence in the financial
statements should not lead to less prudence in the prudential regulation of relevant entities.

(1) OJ L 243, 11.9.2002.