74. Notes that, as long as demand for products based on crude oil continues, keeping a European presence in the refining industry is important in order to help secure security of supply, support the competitiveness of downstream industries such as the petrochemical industry, set worldwide standards for fuel refining quality, insure compliance with environmental requirements and preserve employment in those sectors; highlights, as well, the finding of the Energy Roadmap that oil is likely to remain in the energy mix even in 2050, albeit with a much lower share than today, and used mainly in long-distance passenger and freight transports;

73. Notes that, as long as demand for products based on crude oil continues, keeping a European presence in the refining industry is important in order to help secure security of supply, support the competitiveness of downstream industries such as the petrochemical industry, set worldwide standards for fuel refining quality, insure compliance with environmental requirements and preserve employment in those sectors; highlights, as well, the finding of the Energy Roadmap that oil is likely to remain in the energy mix even in 2050, albeit with a much lower share than today, and used mainly in long-distance passenger and freight transports;

The system to develop and govern EPSAS would define the agenda for the development of each standard and there would need to be clear endorsement procedures.

Nevertheless, EPSAS would need to establish and maintain close links to the IPSAS Board in order to inform its agenda and decision-making and because EPSAS standards may need to differ in some cases from IPSAS standards.

Following to the failure of the adoption of a horizontal legal instrument on procedural rights in criminal proceedings (2004 Commission Proposal for a Framework Decision), the Council opted for a step by step approach and on 30 November 2009 adopted a Roadmap on procedural Rights inviting the Commission to table a series of legislative proposals corresponding to the measures listed in the Roadmap.

35. Urges the TEC to insist that the US authorities abide by their road map for requiring US domestic users to apply the International Financial Reporting Standards (IFRS); recalls its request that, until the US adopts the IFRS, the US Securities and Exchange Commission (SEC) should recognise the IFRS, as adopted by the EU and until the decision requiring US users to apply the IFRS has been made, as being equivalent to the Generally Accepted Accounting Principles in the US (US GAAP); urges the TEC to promote the development of a country-by-country breakdown of reporting for multinational groups;