Brussels, 03/06/2015 (Agence Europe) - The start of inter-institutional talks on the draft regulation to boost governance in the forming of financial benchmarks is reported to have been productive. As always in the first 'trialogue' meeting, the talks provided an opportunity for an initial exchange of views and identification of the most controversial issues.
The European Parliament explains that it was decided that the critical benchmark definition must be the starting point for the talks because it will shed light on other issues, such as the 'third country' question, for which the European Commission is reported to have stressed the importance of a level playing field.
The definition of critical benchmarks and the proportionality system are the most controversial points and the Council of Ministers' definition leads to fewer benchmarks than the EP.
The Latvian Presidency of the Council of the EU explains that it will continue work in the Council to find room for manoeuvre. The EP says it would not be surprised to see the presidency unveil a draft compromise.
The next trialogue meeting will take place on 22 June, but the Latvian Presidency seems to want to explore the option of a third meeting before the end of its presidency at the end of the month to pave the way as far as possible so that agreement can be reached rapidly under the Presidency of Luxembourg, which takes over from Latvia on 1 July. (Elodie Lamer)