WRITTEN QUESTION No. 2535/98 by André FOURÇANS to the Council. Operation of European financial markets
Date: 1998-09-01
Institutions: European Parliament, FOURCANS
Subjects: bank, electronic money, financial institution, financial market, investment company, monetary union, securities, single market, stock exchange

8.4.1999

EN

Official Journal of the European Communities

C 96/111

(1999/C 96/155)

WRITTEN QUESTION E-2535/98

by AndrØ Four(cid:231)ans (PPE) to the Council

(1 September 1998)

Subject: Operation of European financial markets

The advent of the euro will result in the increasing integration of Europe(cid:146)s financial markets. The recent
announcement of an alliance between the London and Frankfurt stock exchanges is an early indication of this.

Within this new framework which will gradually be established, does the Council consider that a greater
harmonization of the rules governing the operation of European financial markets is needed or rather that a
European monitoring institution should be set up, modelled on the Security and Exchange Commission in the
United States?

Reply

(3 November 1998)

It should be noted that the European Council meeting in Cardiff in June 1998 invited (cid:145)the Commission to table a
framework for action by the time of the Vienna European Council to improve the single market in financial
services, in particular examining the effectiveness of implementation of current legislation and identifying
weaknesses which may require amending legislation(cid:146).

Accordingly, the Commission recently submitted a proposal for a European Parliament and Council Directive on
the taking up, the pursuit and the prudential supervision of the business of electronic money institutions.

In addition, following its initial Action Plan for the Single Market, the Commission has just submitted two
proposals for European Parliament and Council Directives amending Directive 85/611/EEC relating to under-
takings for collective investment in transferable securities (UCITS).

At present, the Council has no other Commission proposals before it on European harmonisation in the banking
and stock exchange sector.

(1999/C 96/156)

WRITTEN QUESTION E-2538/98

by Cristiana Muscardini (NI) to the Council

(1 September 1998)

Subject: Pensions and politicisation of the European civil service

The independence of the European civil service is a sign of transparency and democracy. The basic provisions
governing that civil service are the Staff Regulations of Officials and Other Servants, which are applied by the
Council by means of legislative acts. As a result, any decision taken by any institutional authority without the
Council(cid:146)s agreement has no legal force, no legal basis and is, above all, against the spirit of those regulations.

Can the Council therefore:

1.

provide genuine career planning for officials based on the criteria of transparency and democracy?

2.

3.

immediately make appointments to the vacant posts in high grades in the EP(cid:146)s establishment plan and
comply with the principle that priority should be given to staff in the institution in which the appointment is
being made, putting an end to inter-institutional transfers for which there is at present no justification?

arrange for all the expenditure necessary for the proposed purchase of the buildings in Brussels and
Strasbourg and undertake as a priority to ensure sufficient funding for the budget items relating to staff?