EU financial services group relaunched

The Inter-institutional Monitoring Group for financial services

(IIMG) has been relaunched, with the aim of assessing progress made on implementing the “Lamfalussy process”, which now covers all areas relevant to financial services areas: securities, banking, insurance, occupational pensions and UCITS.

The Lamfalussy process aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets.

The Final Report of the previous Monitoring Group, published in November 2004 and covering the European securities markets showed that the Lamfalussy process has operated well so far.

It is now necessary to establish how to deepen the extended Lamfalussy structure and make it work to its full potential.

An interim report is due to be published in March 2006.

The IIMG is composed of six independent experts from the financial services sector and will also seek to involve interested parties in the process. For further information, see http://europa.eu.int/comm/internal_market/finances/cross-sector/index_en.htm