Maybe it's me, but my impression is that the quality of official EU translation has deteriorated quite sharply in the past few years. But I think we all know, in article 60 of the IORPs Directive, which the Commission is trying to smuggle past national parliaments without discussion or publicity on this busy summer weekend, what a "a Union legal framework" is and what "the Union may adopt measures" will shortly mean for Dutch pensioners in the face of the inevitable Spanish disaster:
(60) Since the objective of the proposed action, namely to create a Union legal framework covering institutions for occupational retirement provision, cannot be sufficiently achieved by the Member States and can therefore, by reason of the scale and effects of the action, be better achieved by the Union, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Directive does not go beyond what is necessary in order to achieve that objective.
There may still be money to be made betting on fiscal transfers as opposed to the collapse of the euro.