Power struggle over financial services?

EU Member States close to agreement on proposals for fast-track method for legislation on financial markets

One day before the start of the Stockholm European Council, EU Member States are close to an agreement on proposals for a fast-track method for the introduction and implementation of legislation on financial markets. Only Germany still objects to a compromise reached by the COREPER on the Lamfalussy proposals for a reform of the regulation of EU securities markets (see also

EURACTIV 13 March 2001).

The Lamfalussy report recommended that Council and Parliament will 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.

The Swedish Presidency will hold bilateral talks with the German delegation on Thursday 22 March to find a solution to the controversial issues. If all goes well, EU finance ministers will meet on Thursday evening to finalise the compromise which will than be presented to the Heads of State during the Stockholm Summit.

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