The Council published the results of its EcoFin meeting of 16 November. EU Finance Ministers have restated their support for further integration in the financial services sector based on systematic analysis of remaining obstacles. All future legislative proposals should be accompanied by thorough impact assessments. Ministers also said that “the emphasis should be on convergence of supervision and implementation” and emphasised that “full and consistent implementation and effective enforcement by the Member States must have top priority”
With regard to the Lamfalussy process, Ministers stresses the necessity of finding the appropriate balance between the need for speed in the legislative process and the need to ensure the quality of the legislation and the practical implementation and enforcement.
Ministers also agreed to extend the mandate of the Inter-Institutional Monitoring Group to cover the new areas of banking, insurance and occupational pensions. New members should therefore be nominated to take account of the new mandate of the group.
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