The European Parliament lost an opportunity to actually help the failed economic situation which currently is Europe. As David Rennie wrote in The Daily Telegraph:

The cause of creating a true European single market was “set back years” yesterday [Thursday] when the European Parliament approved a fatally weakened version of a proposal to slash red tape and barriers to cross-border business.

This is of course related to the Services Directive hammered out by Frits Bolkestein. Just look at the reactions of those involved. While hoping that Frits would at least make it to a halfway house, hopes have been squelched once again. A mini-sample of reactions should give you a taste of how successful this move will be in the end.

From the person actually charged with passage through the EP:

“We managed to turn this directive upside down. We managed to focus on the social protection of our citizens,” said Evelyne Gebhardt, the German Socialist MEP who was charged with steering the Bill through the parliament.

From those bit players in Europe, those who actually create jobs and hire people:

UNICE, the European employer’s association, said: “UNICE considers that the European Parliament has deprived the directive of most of its capacity to create growth and jobs in Europe. Cross-border services will not be facilitated. Too many sectors are excluded from the scope. Application of legislation of the provider’s country of establishment is undermined by many derogations. It leaves excessive power for Member States to restrict services for multiple reasons which go way beyond well-founded reasons of public interest and could lead to protectionism. This will create great legal uncertainty for both companies and customers. The exclusion of labour law from the scope of the directive was not necessary as the posting of workers directive already adequately regulates the conditions for sending workers on temporary missions abroad. The Parliament also excludes temporary work agencies, which contribute to smooth functioning of labour markets and offer job opportunities.

The only positive achievement left in the directive concerns freedom of establishment.”

The European Parliament passed a piece of paper which will accomplish nothing, per as usual.

Tim Worstall has a far more cogent response at the bottom of this post. Jon Worth is more expansive than Tim but is headed in the same direction.