Lengthy legislation process - more transparancy needed
MEPs say it takes too long to get new rules onto statute books
MEPs say it is the fault of the member states that legislation takes so long (months or even years) to get onto the statute books.
The chair of the European Parliament's economic and monetary affairs committee, Sharon Bowles (ALDE, UK) accused the Council of Ministers of using up all the time left from now until the European elections in trying to get agreement among the member states. “Change the way you work. Stop listening to national industries. Start voting!” said Sven Giegold (Greens/EFA, Germany). He said that due to its packed agenda, the Lithuanian Presidency would be forced to put some subjects on the back-burner, like the PRIPS legislation to give full banking rights to EU residents. Jean-Paul Gauzès (EPP, France) said the problem was that draft legislation has been approved by the EP, but not yet by the Council of Ministers. Jürgen Klüte (GUE/NGL, Germany) recommended that the ministers inject greater transparency into their work.
Irish European Affairs Minister Lucinda Creighton said: “On financial services, we are aiming for rapid results, but also outcome of quality. Sometimes that takes time”. Some of the outstanding issues are revising the MiFID directives and insurance. EU Internal Market Commissioner Michel Barnier said it was legitimate to make an initial assessment of work thus far, and pointed out that, as explained in the G20 roadmap, each player, each product, each industry needs to be addressed and there is no room for fatigue or taking a break. He hoped to be able to unveil over the next few weeks or days a proposal to introduce a common bank restructuring mechanism.