EcoFin extends Lamfalussy procedure to banking

At the EcoFin Council meeting on 18 Jan 2004, Ministers agreed
to extend the Lamfalussy process, the framework to speed up
financial services legislation, to banking, insurance and
pensions.

As expected, EcoFin ministers have adopted an agreement with the
Commission and the Parliament to allow the extension of
the Lamfalussy process to banking, insurance and
pensions. 

Lamfalussy is a four-step plan designed to
speed-up the progress of legislation through the European Union
institutions, while allowing for extensive consultation with all
market players. It was devised by an expert panel headed by Baron
Lamfalussy and was originally used, as part of the Financial
Services Action Plan, to introduce new legislation on 
securities. 

The process was successful, leading to agreement in November
2004 that it should be extended to other financial
sectors. The EcoFin Council of 16 November 2004 concluded that
“the application of the (Lamfalussy) framework has generated
additional momentum to, and increased the flexibility of the
legislative process in allowing it to respond to technological
change and market developments, by adopting implementing rules on a
faster and more flexible basis”.

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Continuing consultation on clearing and settlement

The European Commission and financial market players are working together to improve the EU's clearing and settlement system. The existing complex and costly procedures leave the EU lagging behind other world markets in the highly competitive market of buying and selling equities.