Rapporteurs: Ieke Van den Burg (PSE) and Daniel Daianu (Alde)

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MEPs made a formal call on October 9 2008 for the Commission to come up with legislation to improve the supervisory architecture and regulatory framework for financial services in Europe.

Parliament adopted a report, drawn up by Ieke van den Burg (PES, NL) and Daniel Dăianu (ALDE, RO), which is a comprehensive overview of areas that need attention in the light of the current crisis and after seven years of operation of the current “Lamfalussy system” It includes recommendations on the structure for the “Level 3” Committees of national financial regulators (CESR for securities, CEIOPS for pensions and insurance, and CEBS for banking) and on the mechanisms for managing systemic risk.

Download the report as approved by the EP

Link to an interview on the current financial crisis

Daniel Daianu(MEP, Ro) and Jan Mulder (MEP, Netherlands) are co-chairmen for the ALDE group regarding the 2008/2009 budget review process.

After long and extensive negotiations, finally in April 2006, the Council and the European Parliament agreed on the multi-annual financial framework for years 2007-2013. At that very moment, European Parliament prophesied that funds forecasted for multi-annual programmes were not sufficient.

The European budget needs to be reformed. Expenditures should better suit the challenges Europe is facing and the revenue system is to complex and too much unbalanced.

In accordance with the inter-institutional agreement ruling the multi-annual financial framework 2007-2013, the 2008/2009 budget review process has been opened through the launching of a large consultation by the European Commission. As a constant advocate of this process, the Parliament should play an important and decisive role.

Rapporteur: Ieke van den Burg (PSE)
ALDE Shadow rapporteur: Daniel Daianu

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The report was adopted by the Committee of Economic and Monetary Affairs in September 2008

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The Committee on Economic and Monetary Affairs calls on the Committee on Employment and Social Affairs, as the committee responsible, to incorporate the following suggestions in its motion for a resolution:

1. Underlines that Member States must focus on the medium and long-term objectives of the Stability and Growth Pact and ensure sustainable public finances to meet the increased pressure of an ageing population