Brussels, 01/06/2001 (Agence Europe) - The President of the European Parliament's Economic and Monetary Affairs Committee, Christa Randzio-Plath, considers unacceptable the comitology procedure foreseen in the two draft Directives on market abuse and the prospectus presented on Wednesday by the European Commission, which excludes the EP from part of the decision procedure (see EUROPE of 31 May, p.8). Drafted by the services of Frits Bolkestein, Commissioner responsible for the Internal Market, these proposals are part of the framework of the Lamfalussy report aiming to integrate the European financial markets and to make them more attractive compared to those in the United States. They must be adopted according to the codecision procedure, process to which the EP takes part as a co-legislator, while the implementation measures are adopted through a comitology, from which the EP is excluded, and is reduced to the role of observer.
During the meeting with EUROPE, Mrs Randzio-Plath strongly urged for the adoption of the first Directive on the integration of financial markets, but she warned that if the European Commission does not include greater transparency in the process for the European Parliament and a call-back right or a similar procedure, as requested in a Parliament resolution, the established committees will at best have advisory powers, but certainly not regulatory. The proposals made by the Commission will be the object of the first talks in the meeting of the Economic and Monetary Affairs Committee on 19 and 20 June. However, in accordance with the decision by the Ecofin Council on 7 May, the European Commission and the EP must agree over the "Lamfalussy" method before the Gothenburg Summit. We have received no offer from the Commission. Though, it is the protection of consumers and industry that is at stake deplored Mrs Randzio-Plath. Nevertheless she states her "optimism" following recent events. In the absence of an agreement between the two institutions, if Mr Bolkestein maintains his draft Directive as such, the EP could block them during the codecision process. As for the Council, it cannot hide a certain degree of impatience. According to a diplomatic source close to the Council, the issue could be on the agenda of an Ecofin planned on the sidelines of the Gothenburg European Council, in the presence of Mrs Randzio-Plath and Mr Bolkestein. The issue will be broached on Tuesday during the meeting of the European Finance Ministers in Luxembourg (see other article).