Brussels, 27/11/2000 (Agence Europe) - At its meeting on Monday under the chairmanship of French Finance Minister Laurent Fabius, the Ecofin Council welcomed the first report by the Committee of Wise Men on regulation of the European securities markets, whose president, Belgian national Alexandre Lamfalussy, had presented the main elements. It adopted the following conclusions:
"The economic benefits in terms of economic growth, employment, productivity and for consumers, SMEs, large companies, as well as sovereign borrowers of integrating the EU's financial markets are considerable, which confirms the importance of the Lisbon Economic Reform Agenda. The Financial Services and Risk Capital Action Plans contain the right measures to be implemented as a response towards improving the single market in financial services, but these measures require more prioritisation.
Financial markets are changing at a very fast pace, requiring regulators to keep up with market developments, a view strongly supported by market participants. In this context, the present regulatory system is too slow and complex, and is producing unnecessary levels of ambiguity and uneven implementation. Therefore urgent action is needed to make the current European regulatory system become more efficient, so that the goal of an integrated European financial market be delivered in the near future".
On this basis, the Council invites the Committee of Wise Men to present its final report in mid-February 2001, with operational recommendations. According to the Fifteen, the final report should "focus on clarifying and refining the regulatory approach proposed in its initial version, taking into account the institutional balance resulting from existing Treaty arrangements and the role of national regulators". The Council will examine the recommendations of the Committee of Wise Men early in March, so that appropriate measures are approved at the European Council in Stockholm, the same month. With this in mind, the Council finally recommended that discussions should be advanced with the European Parliament.