-EMAC Committee agreed on a Motion of a Resolution on Financial Regulation, Supervision and Stability, replying to the ECOFIN proposal to extend the so called Lamfalussy method to other areas of financial services legislation, notably banking and insurance.
The Resolution states that a revision of Article 202 of the Treaty and Decision 1999/468/EEC with a call-back procedure is a precondition for the European Parliament's support for the extension of the Lamfalussy Process.
Parliament also claims that the current institutional framework is inadequate, unbalanced and lacking transparency, and that there must be a clear council commitment to reform in order to guarantee a proper institutional balance before the European Parliament could agree to the proposed extension of the Lamfalussy Process to other areas of financial services legislation.
The Resolution also stresses that implementing measures adopted on the basis of a legal act adopted under the co-decision procedure should also be subject to an equal control by the two co-legislators.
Motion for a Resolution
© European Parliament
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