The European Parliament has approved the Postal Services Directive, giving final political approval to the reform of the European postal markets. The text adopted by the Parliament reflects an overall political compromise that was already endorsed by the Council of the European Union. The purpose of the Directive is to provide better postal services through competition. In particular, the Directive requires EU Member States to open their postal markets to competition by the end of 2010. These are currently estimated to be worth approximately EUR 90 billion. Member States that have joined the European Union since 2004 will have an additional two years to liberalise their postal markets, but their national postal services may not be able to enter competitive markets in other Member States until the newer Member States have opened their national postal markets to competition.