Brussels, 07/06/2001 (Agence Europe) - MEPs Robert Goebbels (Socialist, Luxembourg) and Christopher Huhne (British Liberal Democrat) appealed on Wednesday during a joint press conference for the legislative process intended for integrating the European stock markets, in conformity with the Lamfalussy report, to be speeded up - on condition that the democratic principles are safeguarded. Both are rapporteurs of the European Parliament on the first proposals of directives prepared by the European Commission. Mr Goebbels specified that they hoped to give their views together "to show that the political groups of the EP do share the same views". These proposals of directive must serve as a model for all the future directives to be adopted in the context of the Lamfalussy report. They separate issues that will be the subject of adoption by co-decision procedure, by the Parliament and the Council (level 1) from those that will be approved through committee procedure by the Council and the Commission (level 2). In its proposals, the European Commission describes the second block as "technical details". Robert Goebbels, rapporteur for the proposal of directive on market abuse, considers, however, that these technical rules often hide a political debate in which the Commission and the Council hope to sabotage the power of the EP to take decisions. He gives as an example several parts of the proposal, Articles 5, 8 and 16, that would empty co-decision of its substance. Article 5 of the proposal provides for a non-exhaustive list of market manipulation methods to be established through co-decision procedure, but also stipulates that this list could be amended at a later date through committee procedure. "Such details are far from trivial (…), it would be foolhardy to leave power of regulation to committees without parliamentary control", said Mr Goebbels. Christopher Huhne, rapporteur on the proposal on prospectuses, does not attack any part of the Commission's text, but states his solidarity with his colleague. He invites the Commission to be "more flexible" and promises that, if the measures recommended by the EP are included in the text, the proposals of directive could be adopted at first reading at the end of the year. In a joint press release, the two MEPs, who belong to different political groups, undertook to collaborate to include the "necessary safeguards" in these proposals of directive in order to "ensure that the interests of consumers and of industry are protected". Mr Goebbels added that "neither citizens, nor industry want to see decisions imposed by senior officials working behind closed doors".
We reacll that the European Parliament voted a resolution calling for right of recall to be provided for in the procedure for adopting rules of implementation in order to allow it - through majority vote - to withdraw a Commission proposal if it considers it to be inadequate. Given the refusal on the part of the Commission and Council, the EP suggested a compromise in a letter send on 19 April to Commissioner Frits Bolkestein, responsible for internal market policy, by Christa Randzio-Plath, Chair of the Committee on Economic and Monetary Affairs. The compromise states that the Commission will not necessarily withdraw its text after a majority vote at the EP, but undertakes "not to go against the predominant views of the EP", as it had done with regard to the Council of Ministers in an agreement concluded at the Stockholm summit. Mr Goebbels and Mr Huhne told Mr Bolkestein, who continue to reject all the Parliament's proposals, that if the Commission does not come up with "decent proposals" during the next few meetings, "the Parliament would inevitably have to restrict the extent of the powers of the two regulating committees". The European Council of Stockholm invited both institutions to come to an agreement before the Gothenburg summit.