The current legislature that is coming to its end in a few months, appears today to have been one of the most intense and productive periods for the financial services sector in Europe. The entry into force of the Amsterdam Treaty that reformed the co-decision procedure, together with the launch of the Financial Services Action Plan (FSAP) by the Commission, in May 1999, provided the newly elected European Parliament with a new role to play and a heavy workload to deal with, in order to establish a Single Market for financial services.
The European Parliament has also been a major actor within the new framework proposed by the Committee of Wise Men chaired by Baron Lamfalussy to reform the law-making and implementation process for financial services. As the main guarantor of democratic control among the EU institutions, it has been seeking to ensure that the transition to a more efficient rule-making process for EU financial markets does not affect the institutional balance of the Union, nor does it prevent the European Parliament bringing the voice of European citizens into the law.
On the eve of the transition to an enlarged Union and a 732-member Parliament, it is encouraging to note that remarkable results have been achieved, although the actual implementation of a Single Market for financial services will still require the European Parliament’s commitment in the future.