WRITTEN QUESTION E-0762/04 by José García-Margallo y Marfil (PPE-DE) to the Commission. Commission proposals for follow-up to the financial services action plan.
Date: 2004-03-11
Institutions: European Parliament, Provisional data
Subjects: EU policy, action programme, economic policy, financial institution, financial legislation, free movement of capital, single market

C 88 E/208

Official Journal of the European Union

EN

8.4.2004

Answer given by Mr Nielson on behalf of the Commission

(30 April 2004)

The Commission is a member of the Development Assistance Committee (DAC) of the Organisation for
Economic Cooperation and Development (OECD), and as such has an obligation to provide full and
regular reporting on its overall development aid, in accordance with standard DAC reporting formats.

One of the elements that it reports is the amount allocated to ‘Technical Co-operation’(TCO). Technical co-
operation according to the DAC ‘comprises provision of resources where the main aim is to augment the
stock of human intellectual capital, i.e. the level of knowledge, skills; technical know-how …’ and amounts
‘primarily aimed at assisting the implementation of a project …’

The attached table shows the amounts reported to the DAC as Technical co-operation in the period
1996-2002 as a proportion of the total amount of Official Development Assistance (ODA) during that
period in Commitments and Disbursements. This ratio has varied between 5,4 and 3,2 % for commitments
and in a ratio between 5,2 and 3,1 % for disbursements.

Technical Co-Operation of the EU reported to the DAC
compared to the total Bilateral Official Aid

Disbursement

Commitments

(in million euro)

Year

1996

1997

1998

1999

2000

2001

2002

Bilateral ODA

TCO

4 297,28

4 549,91

4 580,58

4 593,19

4 789,75

6 160,42

6 645,80

178,13

235,48

192,54

181,93

228,93

199,74

203,81

%

4,1

5,2

4,2

4,0

4,8

3,2

3,1

Bilateral ODA

TCO

6 098,27

5 251,81

6 929,46

7 009,32

7 841,43

6 286,88

6 854,94

226,83

286,04

322,10

248,99

247,03

199,49

246,94

%

3,7

5,4

4,6

3,6

3,2

3,2

3,6

Considering that decisions on technical cooperation are taken in the framework of each specific project/
programme, it is not possible to provide forecasts of commitments and payments.

(2004/C 88 E/0216)

WRITTEN QUESTION E-0762/04

by José García-Margallo y Marfil (PPE-DE) to the Commission

(11 March 2004)

Subject: Commission proposals for follow-up to the financial services action plan

During 2004 the Commission intends to launch a broad consultation exercise on the possible follow-up to
its financial services action plan from the end of the 1990s. Is it not astonishing that, when it comes to
European economic strategy, the Commission is not first drafting a White Paper, for example, setting out
the developments it envisages in terms of policy strategy for Europe before embarking on this consultation
exercise?

8.4.2004

EN

Official Journal of the European Union

C 88 E/209

Answer given by Mr Bolkestein on behalf of the Commission

(26 April 2004)

financial
The wide-ranging consultation exercise that
integration will take stock of progress made as the legislative phase of the Financial Services Action Plan
draws to a close. It is intended to assess the contribution made to the policy objectives defined at the
outset of the process (cid:1) namely, the effective operation of European financial markets, investor protection
and financial stability. The Commission believes that these fundamental policy objectives are likely to
remain the key concepts for evaluating EU policy in this sphere over the long-term.

the Commission has launched in respect of

The work of the Commission in respect of its policy on financial integration forms part of the over-
arching Lisbon strategy for global competitiveness. It is informed by the ongoing discussions on structural
reform in the context of the Broad Economic Policy Guidelines (cid:1) including the views expressed by the
Parliament on the latter. It takes full account of additional long-term policy reflections such as the report
of the independent high level group on ‘an agenda for a growing Europe’ (Sapir report). Therefore, the
Commission believes that its efforts in this field form an integral part of a broader and well-orchestrated
economic strategy.

The consultation process on financial integration will provide ‘bottom-up’ feedback on an important area
of structural reform policy. This will allow the EU institutions to fine-tune further work in this area and
maximise the contribution to overarching economic policy objectives. Any policy orientations to be drawn
from this stock-taking process will also be the subject of open debate and consultation.

(2004/C 88 E/0217)

WRITTEN QUESTION E-0763/04

by José García-Margallo y Marfil (PPE-DE) to the Commission

(11 March 2004)

Subject: Role of the public authorities in the follow-up period to the financial services action plan

In the Commission’s planned follow-up to its financial services action plan, the public authorities and
national governments in particular will play a key role in implementing the provisions of the various
directives, in particular the level 2 directives.

Are the structures currently in place, and in particular the national supervisory and regulatory committees,
adequate to achieve the objective set by the Lamfalussy process of flexible and uniform implementation of
the technical provisions of the directives?

Do these structures not need be strengthened and, if so, how?

Answer given by Mr Bolkestein on behalf of the Commission

(28 April 2004)

With the recent agreement by EU institutions to extend the new financial services committee structure to
banking, insurance and occupational pensions and UCITS, the structures in place will ensure flexible and
uniform implementation of the technical provisions of Directives.

The Lamfalussy Report defined the role of the Committee of European Securities Regulators (CESR) under
Level 3: one of CESR’s main tasks is to assist in the convergent interpretation and implementation by
national authorities of both Level 1 and Level 2 legislation.