§ Mr. Spring: To ask the Chancellor of the Exchequer what proposals the Government will be making to the European Council at Barcelona on the implementation of the Lamfalussy report; and if he will make a statement. [35853]
§ Ruth KellyThe Government note as a positive step forward recent agreement between the European Parliament and the Commission on Lamfalussy implementation. We believe it is now important to get on and implement the main Lamfalussy recommendations. In particular, it is important to ensure that consultation and transparency is part of the process for EC securities legislation; to prioritise those legislative measures that will deliver an effective single market; and to ensure that legislation is principles-based and flexible.