Commissioner McCreevy emphasised that a rigorous 'better regulation' policy approach will be taken regarding all legislation. There will be detailed consultation and impact assessment prior to legislation. In addition if, through ex-post evaluation, any measures were found to be ineffective, they would be re-evaluated.
Launching the white paper, David Wright, head of DG Internal Market, said that real progress had been made through the FSAP: markets were strong, mergers being successfully concluded and the financial services industry was doing well. What remained was to build on the present successes and remove the remaining barriers.
The banking sector, overall, is pleased at the halt to new legislation: the cost of complying with EU regulations has doubled over the last four years. One comment made by the European Association of Co-operative Banks was that care must be taken to ensure that the impact studies (proposed by the Commission to precede and to follow new legislation) are properly carried out and that the better regulation principles are closely followed.
The European Banking Federation, while backing the continuation of the Lamfalussy process, would like the Commission to move further towards real consolidation for banking supervision.
The European Savings Bank Group put in a word for the speedy resolution of the comitology argument between the Parliament and the Council. Parliament is pushing for the right to call back legislation with which it is unhappy (a right which would have been granted by the European Constitution - see EurActiv 22 Sept 2005) and the ESBG supports this position.