EUROPE – The European parliament has voted in favour of a resolution looking at transparency and democratic control with regard to the Lamfalussy financial services action plan.

MEPs, who voted 362 to 23 in favour, with 23 abstentions, say they want to see all documents to be sent to the two proposed new committees for securities and regulation and to have a three-month time period to examine draft implementing measures.

EU leaders accepted the Lamfalussy report at the recent Stockholm summit but refused the parliament’s request for a “binding” call back mechanism as a way of controlling legislation.
The MEPs want the European Commission to commit to a code of conduct not to go against the wishes of the parliament.
Consequently, their resolution takes the view that the draft implementing measures exceed the limit laid down in the framework legislation or are not in accordance with transparency and consultation requirements.

Under the proposed agreement, the commission would have to submit any new proposal to the Parliament.
So far it has only committed itself to take “the utmost account” of Parliament’s views. Commission president Romano Prodi has said that parliament would be kept fully informed of the progress of legislation on a case by case basis.
He also says that the present institutional balance, or co-decision making process, would remain.
However, he has warned against using legislative procedures to delay EU decision-making.

The parliament’s resolution welcomes plans to review the new regulation structures of the financial markets in 2004 and the introduction of a call back mechanism on the agenda the same year.
Due to the co-decision procedure MEPs will have the right to table amendments and monitor arrangements through the proposed new monitoring committee.