Source: Inter-institutional Monitoring Group
The Inter-institutional Monitoring Group (IIMG) has published its first interim report on the "Lamfalussy Process", which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets.
In the report, based on evidence given by the stakeholders closely involved in the Lamfalussy process and market participants, the Group asserts that there is general and strong support for the Lamfalussy approach. Notwithstanding the progress made, the Group has identified a number of unresolved questions and uncertainties surrounding the procedure, which remains "a learning-by-doing process". The report is a first step in response to a mandate given to the Group by the European Parliament, the Council and the European Commission in spring 2005 to assess the progress made on implementing the Lamfalussy Process and to identify any possible emerging bottlenecks. The Group is composed of six independent experts, with each Institution having nominated two.
In recent months, the Group has consulted with bodies involved in the Lamfalussy structure and with market participants on their experience with the process in order to establish a sound basis for this first report. Many issues related to all four levels of the Lamfalussy approach were addressed and discussed.
At this early stage of their work, the members of the Group do not intend to give an overall assessment of the Lamfalussy process. Therefore the first interim report includes some preliminary reflections and initial observations, while focusing on specific, outstanding issues and reflecting questions raised during the consultation phase.
With a view to its second interim report scheduled for early 2007, the Group will conduct specific consultations which will give interested parties the opportunity to make their views known on this report and, in particular, on the identified bottlenecks. The second report will focus on preliminary suggestions for the improvement of the process.