New Inter-institutional Monitoring Group established
25 July 2005
The European Parliament, the Council and the Commission extended the mandate of the Inter-institutional Monitoring Group for financial services in order to cover the extension of the Lamfalussy procedure to banking, insurance, and securities. The Monitoring Group is composed of six independent experts, of which each institution has nominated two.
The members nominated by the European Parliament are:
Mr Karl-Peter Schackmann-Fallis (Germany), CEO of German Savings Banks Association
Mr Freddy Van Den Spiegel (Belgium), Chief Economist and Director of Public Affairs, Fortis Bank
The Council of the European Union nominated as members:
Mr Johnny Åkerholm (Finland), President and CEO of the Nordic Investment Bank (NIB)
Mr Rainer Masera (Italy), Chairman of RFI Rete Ferroviaria Italiana
The European Commission nominated:
Mr Mark Harding (United Kingdom), Group General Counsel, Barclays
Mr Pierre De Lauzun (France), Chief Executive, French Association of Investment Companies (AFEI), and Deputy Director General, French Banking Federation (FBF).
According to the mandate the Monitoring Group should assess the progress made on implementing the Lamfalussy process to secure a more effective regulatory system for financial services, and identify any possible emerging bottlenecks in this process.
This mandate expires in December 2007. The Group should report annually. The first meeting will be in September 2005.
Press release
© European Commission
