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“Progress has been made under the Spanish Presidency in recent months”, he said. “However, an agreement among them has not been found yet”. He was hopeful that the following Danish Presidency would help to finalize the Directive. Among the main problems to a solution is the undergoing modernisation of Pension Schemes currently undertaken in many countries.
Muyelle pointed out how the position of member states on the issue of prudential supervision had changed. “This process has been an educational. At one point we realised how German attitudes had changed completely on prudent man over a 12-month period. So let us be optimistic about the directive,” he said.
Asked about the rumours of a ‘prudent man plus’ solution and how that could look like, Mr. Melgarejo, a member of the Spanish delegation to the pensions working group, pointed out the difficulties of a rapprochement among the member states according to their different existing schemes. “The wording of a ‘prudent man plus’ does not exist in the common negotiations. We are talking about rules, methods, and technical provisions, but a ‘prudent man plus’ seems to be an invention by the press.”