European Union Financial Markets: First Meeting Of The Re-Established Inter-Institutional Monitoring Group For Financial Services

The Inter-institutional Monitoring Group (IIMG) for financial services met for the first time on 15 September 2005. The Monitoring Group was re-established following an agreement between the European Parliament, the Council and the European Commission in spring this year (see IP/05/1002). It has an extended mandate to assess the progress made on implementing the Lamfalussy process (see IP/02/195), now covering all relevant financial services areas (i.e. securities, banking, insurance, occupational pensions and UCITS). The meeting took place at the premises of the European Commission in Brussels. The launch of the Group was highlighted by inauguration speeches, given by Ms Pervenche Berès, Chairwoman of the Committee on Economic and Monetary Affairs in the European Parliament (ECON), Mr. Peter Curwen, Economic and Financial Counsellor, UK Permanent Representation, and Mr. Charlie McCreevy, Member of the European Commission. The speeches are available on the following website: http://europa.eu.int/comm/internal_market/finances/cross-sector/index_en.htm

The Inter-institutional Monitoring Group is composed of six independent experts^[1]. Mr. Johnny Åkerholm was elected chairman and Mr. Karl-Peter Schackmann-Fallis was elected vice-chairman of the Group.

Until the expiration of its mandate in December 2007, the Group shall deliver three reports, monitoring the operation of the Lamfalussy approach as extended to all relevant financial sectors. The first interim report is expected to be published in March 2006.

In their first meeting, the IIMG members discussed and agreed on general principles for their future work:

After each meeting of the Group, a short press note on the major topics of the Group’s discussion will be published. These press releases, as well as the Group’s reports and other information concerning the Monitoring Group can be found on the following Commission website: http://europa.eu.int/comm/internal_market/finances/cross-sector/index_en.htm
In order to get input from the stakeholders directly involved in the Lamfalussy process, the Group will organise hearings. In addition, the Group invites all interested stakeholders to provide their comments and observations. Any comments for consideration by the Monitoring Group and comments on press notes when seen useful can be sent by e-mail to:
IIMG-2005-2007@cec.eu.int

Background information

The Lamfalussy process is a four-level regulatory approach which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. The Final Report of the previous Monitoring Group, published in November 2004 and covering the European securities markets showed that the Lamfalussy process has operated well so far. It is now necessary to establish how to deepen the extended Lamfalussy structure and make it work to its full potential.

^[1] Dr. Karl-Peter SCHACKMANN-FALLIS (Germany), Executive Member of the Board of the German Savings Banks Association; Mr Freddy VAN den SPIEGEL (Belgium), Chief Economist and Director of Public Affairs, Fortis Bank; Mr Johnny ÅKERHOLM (Finland), President and CEO of the Nordic Investment Bank (NIB); Mr Rainer MASERA (Italy), Chairman of Rete Ferroviaria Italiana (RFI); Mr Mark HARDING (United Kingdom), Group General Counsel, Barclays Bank; Mr Pierre DE LAUZUN (France), Chief Executive, French Association of Investment Firms (AFEI) and Deputy Director General, French Banking Federation (FBF).