WRITTEN QUESTION E-0757/04 by José García-Margallo y Marfil (PPE-DE) to the Commission. Strengthening the role of market operators in the integration of European financial markets.
Date: 2004-03-11
Institutions: European Parliament, Provisional data
Subjects: financial institution, financial legislation, financial market, interest, standardisation

C 84 E/872

Official Journal of the European Union

EN

3.4.2004

services, mostly small services and some frequently bought items. These goods tend to have a large impact
on how the public perceives price developments, whereas, due to their relatively small weight in the
overall basket of consumption measured by Consumer Price Indices, their price increases were offset by
more moderate price developments in other categories of goods and services.

The Commission is fully aware of the possible macroeconomic risks that might stem from the mismatch
between inflation perceptions and recorded inflation. However, the Commission also notes that other more
fundamental elements are generally advanced as having a stronger bearing on the behaviour of private
consumption expenditure. These include changes in unemployment levels, in wages, in asset prices and in
the fiscal stance of Member States. Hence, on the basis of available economic evidence it appears unlikely
that the discrepancy between recorded and perceived inflation would be a major element behind the recent
behaviour of private consumption in the euro area.

(2004/C 84 E/0965)

WRITTEN QUESTION E-0757/04

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

(11 March 2004)

Subject: Strengthening the role of market operators in the integration of European financial markets

The Lamfalussy process has brought about significantly greater participation of
professionals in drafting the relevant European legislation, with every positive outcome.

financial services

However, there still needs to be more effective coordination of market operators because although market
integration obviously requires legislation it also relies on the harmonisation of national market practices
and greater standardisation of products.

Should the Commission not encourage the establishment of such rules at European level, along the lines of
the EONIA (Euro OverNight Index Average)?

Answer given by Mr Bolkestein on behalf of the Commission

(16 April 2004)

The Commission welcomes the fact that the Honourable Member shares its view regarding the beneficial
effects of the Lamfalussy process. It agrees with its analysis as to the greater positive participation of
financial services professionals in drafting the relevant European legislation.

Alongside the planned legal framework for drafting Community legislation, the Commission is generally
amenable to any initiative designed to strengthen the integration of European financial markets and to
promote their growth and further development. Accordingly, an independent bank initiative such as that
establishing a reference rate for markets along the lines of the EONIA is altogether positive and deserves
support.

In May 2004 the European financial services market will certainly need more European indices as well as
agreements and even standards for certain products (cid:1) a task in which market participants could take the
lead.