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Brussels, 12 January 2006

Financial markets: third meeting of the Inter-institutional Monitoring Group

The third meeting of the Inter-institutional Monitoring Group (IIMG) was held on 20 December 2005. At this meeting, the Monitoring Group heard from a number of stakeholders closely involved in the Lamfalussy process. The meeting also focused on the main aspects to be covered by the first interim IIMG report. The Monitoring Group was re-established in 2005 (see IP/05/1002) in order to assess the progress made on implementing the extended Lamfalussy process (see IP/02/195). It is composed of six independent experts[1].

During the first part of the meeting, the Monitoring Group heard from Ms Ieke van den Burg, Member of the European Parliament and Rapporteur for the report on "Current state of integration of EU financial markets", and Mr Michel Prada, former Chairman of the previous Inter-institutional Monitoring Group[2] and President of the French Securities Regulator (AMF). The Monitoring Group also discussed EU financial policy from the consumer's perspective with Mr Jim Murray, Director of BEUC (European Consumers' Organisation), and Mr Robin Jarvis, Chairman of the FIN-USE expert group.

During the second part, the Monitoring Group discussed the structure of the first IIMG interim report which is expected to be issued in March 2006. The Group concluded that this report should focus on specific issues and contain some preliminary reflections. It should also address changes that have occurred since the publication of the previous IIMG report in November 2004 and identify some of the current bottlenecks in the Lamfalussy process.

When its mandate expires in December 2007, the Group will have delivered three reports, monitoring the implementation of the Lamfalussy process in all relevant financial sectors.
In addition to the hearings, the Monitoring Group has sent a questionnaire to industry associations and federations at the European level on market participants' experience of the Lamfalussy process. Other interested parties are also welcome to participate. Responses should be sent by 31 January 2006 to:
The questionnaire and other information concerning the Monitoring Group can be found at:


The Lamfalussy process is a four-level regulatory approach which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. The Final Report of the previous Monitoring Group, published in November 2004 and covering the European securities markets showed that the Lamfalussy process has operated well so far. It is now necessary to establish how to deepen the extended Lamfalussy process structure and make it work to its full potential.

[1] Dr. Karl-Peter SCHACKMANN-FALLIS (Germany), Executive Member of the Board of the German Savings Banks Association; Mr Freddy VAN den SPIEGEL (Belgium), Chief Economist and Director of Public Affairs, Fortis Bank; Mr Johnny Ã…KERHOLM (Finland), President and CEO of the Nordic Investment Bank (NIB); Mr Rainer MASERA (Italy), Professor of Banking, Luiss University; Mr Mark HARDING (United Kingdom), Group General Counsel, Barclays Bank; Mr Pierre DE LAUZUN (France), Chief Executive, French Association of Investment Firms (AFEI) and Deputy Director General, French Banking Federation (FBF).

[2] The previous Inter-institutional Monitoring Group, established in 2003, had as mandate the assessment of the progress made on implementing the Lamfalussy process, covering only the European securities markets.

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