European Parliament backs EIOPA and pension stability fund

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  • European Parliament backs EIOPA and pension stability fund

EUROPE - Members of the European Parliament (MEPs) have backed plans to establish three new European Supervisory Authorities for financial services.

They have delayed, however, the vote on the legislative resolution to allow for further negotiations with the European Council.

Yesterday, the Parliament adopted amendments to the legislation that would give a number of powers to the three new authorities - including the replacement for CEIOPS, the EU Insurance and Occupational Pensions Authority (EIOPA) - such as the power to settle disputes between national supervisors. (See earlier IPE articles: EIOPA might end up with fewer powers - Bernardino and EC presses ahead with plans to end CEIOPS)

However, the Parliament also deferred the final vote on the legislation, allowing its negotiators a few more weeks for an agreement to be reached at the first reading with the European Council after the summer break.

In a statement, the main political groups issued a declaration stating the Parliament was willing to negotiate, but was united in its view that the European authorities "must be equipped with sufficient powers to prevent future crises and strengthen the single market".

It added the gesture of delaying the vote was a final effort to help the new Belgian presidency move the member state to a "more satisfactory position".

The votes on a package of reports yesterday also gave Parliament's approval for rapporteurs to push for a 'stability fund' linked to each of the three financial sectors - banking, securities and markets, and pension and insurance - to avoid taxpayers having to pay for future financial crises.

The texts adopted by Parliament will now be treated as mandates for the negotiators to continue talks with the Council in view of reaching an agreement "in the very near future", possibly just after the summer recess.

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