05 February 2002

Prodi Declaration on Lamfalussy

-
The implementation of financial services legislation in the context of the Lamfalussy report took a decisive step forward when Mr Prodi made a formal declaration on behalf of the European Commission on the last European Parliament session on 5 February.

Commission President Romano Prodi made a solemn undertaking to Parliament that the Commission would fully respect its views with regard to implementing legislation in the Financial Services Action Plan. Parliament's concern had been that the Commission, through two specialised committees, could adopt implementing legislation that departed from the main body of the text adopted at a primary stage through the codecision procedure involving Parliament and Council.

In his speech Mr. Prodi mentioned three centrally important issues, which will give an important step forward towards European financial integration:

The Commission will of course respect the co-decision rights of this Parliament and its rights for information and transparency, which are the heart of our democratic process. But it will also, while fully respecting the institutional balance, endeavour to treat this House in an equivalent manner with the Council.

The Commission will always take the utmost account of the position of the European Parliament, as stated in the Stockholm European Council Resolution. It will do everything in its power to find balanced solutions - within the scope of the current institutional arrangements.

In the longer term, in the context of the revision of the treaty, the Commission wants a change of Article 202 and much more clarity about its future executive role and about the equal role of the two co–legislators.

See full Prodi speech including formal declaration

© European Commission