The Inter-institutional Monitoring Group is composed of six independent experts[1]. Mr. Johnny Åkerholm was elected chairman and Mr. Karl-Peter Schackmann-Fallis was elected vice-chairman of the Group.
Until the expiration of its mandate in December 2007, the Group shall deliver three reports, monitoring the operation of the Lamfalussy approach as extended to all relevant financial sectors. The first interim report is expected to be published in March 2006.
In their first meeting, the IIMG members discussed and agreed on general principles for their future work:
- After each meeting of the Group, a short press note on the major topics of the Group’s discussion will be published. These press releases, as well as the Group’s reports and other information concerning the Monitoring Group can be found on the following Commission website: http://europa.eu.int/comm/internal_market/finances/cross-sector/index_en.htm
- In order to get input from the stakeholders directly involved in the
Lamfalussy process, the Group will organise hearings. In addition, the Group
invites all interested stakeholders to provide their comments and observations.
Any comments for consideration by the Monitoring Group and comments on press
notes when seen useful can be sent by e-mail to:
IIMG-2005-2007@cec.eu.int
Background information
The Lamfalussy process is a four-level regulatory approach which 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.
[1] Dr. Karl-Peter SCHACKMANN-FALLIS (Germany), Executive Member of the Board of the German Savings Banks Association; Mr Freddy VAN den SPIEGEL (Belgium), Chief Economist and Director of Public Affairs, Fortis Bank; Mr Johnny ÅKERHOLM (Finland), President and CEO of the Nordic Investment Bank (NIB); Mr Rainer MASERA (Italy), Chairman of Rete Ferroviaria Italiana (RFI); Mr Mark HARDING (United Kingdom), Group General Counsel, Barclays Bank; Mr Pierre DE LAUZUN (France), Chief Executive, French Association of Investment Firms (AFEI) and Deputy Director General, French Banking Federation (FBF).