EU Tentatively Approves Mechanism For Screening Foreign Investment

BRUSSELS (UrduPoint News / Sputnik - 21st November, 2018) EU bodies have tentatively agreed a mechanism for screening foreign direct investment into strategic assets that may threaten the union's security, the European Commission said on Tuesday.

"We need scrutiny over purchases by foreign companies that target Europe's strategic assets.

I commend the European Parliament and the EU governments for reaching this agreement in such a swift manner," European Commission President Jean-Claude Juncker was quoted as saying in the statement.

The agreed package proposes to set up a European network that will allow the European Commission and member states to share information and raise concerns. The EU executive body said the final say on whether to greenlight an operation would be up to national governments.