Financial markets: Inter-institutional Monitoring Group for financial services re-established
European Commission - IP/05/1002 25/07/2005
Brussels, 25 July 2005
The European Parliament, the Council and the European Commission have agreed on the re-establishment of the Inter-institutional Monitoring Group for financial services in order to cover the extended Lamfalussy process. The Monitoring Group is composed of six independent experts, of which each institution has nominated two. It has a mandate to assess the progress made on implementing the “Lamfalussy process” (see IP/02/195) which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. The Monitoring Group will meet for the first time in September 2005.
The Lamfalussy approach has been recognized as instrumental for integrating EU capital markets. The Monitoring Group has the important task in helping all of us to make this process work to the best possible extent, and to make recommendations for improvement.
The previous Inter-institutional Monitoring Group, covering securities markets, was set up in October 2002. Up to 2004 it had published three reports monitoring the Lamfalussy process. Following the extension of the Lamfalussy process to other financial services sectors (banking, insurance, occupational pensions and UCITS) the Monitoring Group has been re-established under an extended mandate to consider developments in the three sectors (banking, insurance, securities).
The members nominated by the European Parliament are:
The Council of the European Union nominated as members:
The European Commission nominated:
According to the mandate agreed between the Parliament, the Council and the Commission, the Monitoring Group should:
This mandate expires in December 2007, and may be extended and/or revised thereafter. The Monitoring Group should report to the Institutions annually and publish its findings on the Internet.
A light secretariat, provided by the Commission with the full participation
of the European Parliament and the Council will support the Monitoring Group in
preparing its reports.