|
|
Responding to the Ecofin Council’s conclusions on the Lamfalussy Process review the EBF encourages the Council to pay special attention to key areas which include policy initiatives aimed at significantly reducing “goldplating” as they generate significant obstacles to the proper functioning of the Lamfalussy Process and undermine the efforts to create a Single Market.
The preference for a directive or regulation should be determined on a case-by-case basis, EBF notes. Furthermore, the mandates of the Committees should more clearly set out and align their roles and tasks. Explicit mention of the role of the responsible Committee in relevant EU legislation should also be made, as it was for CEIOPS in the proposal for a revised solvency regime for the insurance industry.
In addition, the Level 3 Committees need to receive a clear mandate endorsed by the three key EU institutions, indicating the main objectives expected from them for the period ahead. The Committees should then regularly report on and explain their achievements and failures to the EU institutions.