08 January 2002

EMAC Committee paves way to 'call-back right' solution

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EMAC Committee today voted on the Draft Opinion of Pervenche Berès on the implementation of legislation relating to financial services. The vote might give direction to a solution on the constitutional questions of the Lamfalussy procedure as one important amendment to the Draft Opinion claiming a “call-back right until Article 202 of the Treaty is revised” was rejected and giving way to a more flexible solution of the conflict between the European Institutions.

The approved text “should end European Commission opposition to parliament being allowed to vet financial services legislation” a parliament spokesman told the Financial Times. The text now says the Commission should 'undertake systematically to reexamine' with parliament and EU governments laws from the Securities Regulators which the parliament does not find in conformity with earlier framework agreements”.

Also the much more important von Wogau report on the Lamfalussy process does not demand explicitly a call-back right for the European Parliament but calls on the Commission to grant Parliament equivalent treatment. The von Wogau report will be voted in the Constitutional Affairs Committee on 21/22 January and in plenary in March.

See also FT article:
EU parliament committee agrees text to enable vetting of financial laws

© Graham Bishop