ECOFIN Council fails to reach agreement on Lamfalussy proposals for European market in financial services
The ECOFIN Council of Monday 12 March failed to reach an agreement on proposals for a fast-track method for the introduction and implementation of legislation on financial markets.
On 15 February, a Wise Men's Panel, led by Baron Alexandre Lamfalussy, proposed a reform of the regulation of EU securities markets (see
EURACTIV 15 Febr. 2001). The experts panel's report recommended that the Council and Parliament should pass framework legislation (as EU regulations) and that the detailed implementation should be left to a new powerful'EU securities committee', made up of the European Commission and Member States officials.
Member States and the European Parliament are worried about these proposals because it would mean surrendering some of their powers to this new securities committee.
The ECOFIN ministers welcomed the Wise Men's proposals but requested the Economic and Financial Committee (EFC) to try and resolve the controversial issues before the Stockholm Summit of next week.