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Brussels, 22 March 2006

Financial markets: Inter-institutional Monitoring Group publishes first report on "Lamfalussy process"

The Inter-institutional Monitoring Group (IIMG) has published its first interim report on the "Lamfalussy Process", which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. In the report, based on evidence given by the stakeholders closely involved in the Lamfalussy process and market participants, the Group asserts that there is general and strong support for the Lamfalussy approach. Notwithstanding the progress made, the Group has identified a number of unresolved questions and uncertainties surrounding the procedure, which remains "a learning-by-doing process". The report is a first step in response to a mandate given to the Group by the European Parliament, the Council and the European Commission in spring 2005 (see IP/05/1002) to assess the progress made on implementing the Lamfalussy Process and to identify any possible emerging bottlenecks. The Group is composed of six independent experts[1], with each Institution having nominated two.

In recent months, the Group has consulted with bodies involved in the Lamfalussy structure and with market participants on their experience with the process in order to establish a sound basis for this first report. Many issues related to all four levels of the Lamfalussy approach were addressed and discussed.

At this early stage of their work, the members of the Group do not intend to give an overall assessment of the Lamfalussy process. Therefore the first interim report includes some preliminary reflections and initial observations, while focusing on specific, outstanding issues and reflecting questions raised during the consultation phase.

The first interim report and other information concerning the Group can be found at:

With a view to its second interim report scheduled for early 2007, the Group will conduct specific consultations which will give interested parties the opportunity to make their views known on this report and, in particular, on the identified bottlenecks. The second report will focus on preliminary suggestions for the improvement of the process.

Any topics for the consideration of the Group can be sent to:


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 ÅKERHOLM (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).

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