FT: EU Fast Track Financial Law approval shows commitment to reform

06 February 2002

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The European Parliament's approval today of the fast track 'Lamfalussy' procedure to speed up passage of financial market law, after agreement with EU governments and Commission, is of 'paramount importance' and a signal of the EU's commitment to reform, the Spanish EU presidency said.

'We have sent a clear signal to the people of Europe and to financial markets of our commitment to reform' in the run-up to the Barcelona summit mid-March, he said.

Parliament president Pat Cox said the vote shows the parliament's 'new capacity... to drive on with economic reform and specifically with financial sector and financial services reform.'

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