European lawmakers said that they would leave open for a few more months the possibility of reaching a deal on new European Union rules for over-the-counter derivatives with Member States.
Werner Langen, the German MEP who is steering the draft legislation through the European Parliament, said that he was “optimistic” that a solution could be found, with the help of the new Polish EU presidency, after the summer. Poland took over the rotating presidency from Hungary at the start of July and so will spearhead efforts to get agreement amongst Member States in the weeks ahead.
There had been threat on the part of some MEPs to try to lock down Parliament’s position at this stage – thus making it much more difficult for quick negotiations with MemberSstates and possibly extending the timetable for any legislation finally to be accepted by about six months.
EU internal market commissioner, Michel Barnier, told Mr Langen he was "delighted to hear you confirm that you have given us a few weeks to come up with a good agreement". The prospect that a deal on the new OTC derivative rules might not yet be finalised until well into 2012 had alarmed officials in Brussels, particularly since efforts are being made to ensure that the European and US legislative process move roughly in tandem.
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