Brussels, 03/12/2001 (Agence Europe) - Speaking to a handful of journalists, German Christian Democrat Karl von Wogau, rapporteur of the Constitutional Committee repeated his support for a speeding up of the creation of a single European financial services market and hoped that a solution would be found to the issues not settled in the Lamfalussy Report at one of the February plenary sessions (either 4/7 or 27/28 February) in time for the issue to be discussed at the Barcelona European Council (15/16 March).
The source of the problem is Alexandre Lamlafussy and his group of the Wise's proposal for the European Commission to be given the power to define how the details or smallprint of how the financial services market will operate. But Mr von Wogau noted that the day-to-day experience of MEPs is that companies and citizens often complain about how complicated European regulation is and that when one listens to such complaints, one often finds that it is not the actual directive or regulation themselves that are at issue, but rather the implementation measures which are, as it happens, written in small print.
The procedures recommended in the Lamlafussy Report would mean the European Parliament partially renouncing some of the new the rights given under codecision, to the regret of Mr von Wogau, without taking away from any of the Council's rights. The former President of the Economic and Monetary Committee stressed that this was in no way intended to hold back the process but insisted on one of the European Parliament's demands since the very outset - the introduction of a call back clause. At the current state of negotiations, the Council would have a period of time to examine the implementing measures before they are formally adopted, and the Commission has pledged not to adopt measures that would contravene the countervailing opinion in the Council. Parliament has also the option of examining the measures, but the Commission simply expressed that it would do its utmost to take account of its opinion, noted Mr von Wogau. He explained that the EP wanted an "equivalent" position to the Council's, but it did not necessarily have to be identical. He highlighted the option for the Parliament to have enough time to assess the proposed implementation measures and, if necessary, request that they be withdrawn or amended.
Commissioner Bolkestein still argues that such a clause would run counter to the Treaty, but Mr von Wogau felt that Bolkestein would have to give some ground. Mr von Wogau argues that the clause is allowed under the Treaty, although it will be necessary to find a wording that is compatible with the rules passed in the early 1990s on "comitology". He acknowledged that in order to settle the matter once and for all, it will be necessary to wait for the next updating of the Treaty (for the Treaty to recognise that codecision exists).
The key issue for the rapporteur will be setting up a committee of all the market stakeholders to prepare the relevant measures. He basically hoped that a two-part intermediary solution would be found composed of a declaration by the Commission taking account of Parliament's demands; and the preparation of an appropriate article to be incorporated in the directives and regulations giving the Commission implementation powers.