ECOFIN ministers reach agreement on proposals for the Regulation of the European Securities Markets
On the eve of the Stockholm European Council, ECOFIN ministers reached an agreement on proposals for the Regulation of the European Securities Markets. After lengthy bilateral negotiations, Germany gave up its resistance to the proposals when the Commission agreed "to avoid going against the predominant views" of the EU Member States when implementing "particularly sensitive" securities market legislation (see also
The adopted European Securities Markets Regulation will allow for speedy introduction of new laws to create the single financial market. Under the new rules, Council and Parliament will pass framework legislation (as EU regulations) and the detailed implementation will be left to a new powerful'EU securities committee', made up of the European Commission and Member States' officials.
The compromise will be presented to the Stockholm Summit for final approval. The European Parliament will have to give its green light later.