Press Release: Financial markets: European Commission welcomes Parliament’s agreement on Lamfalussy proposals for reform

The European Commission has warmly welcomed the European Parliament's agreement on the approach to the regulation of European financial markets. After hearing a formal declaration from European Commission President Romano Prodi, the European Parliament voted on 5 February to accept a Resolution proposed by Karl von Wogau MEP, paving the way for a more efficient system for EU institutions to prepare, adopt and implement new financial services legislation.