92000E0688

WRITTEN QUESTION E-0688/00

by Robert Goebbels (PSE) to the Council

(13 March 2000)

Subject: Possible amendment of Article 105(6) of the EC Treaty

Article 105(6) of the EC Treaty stipulates that the Council may confer upon the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions and other financial institutions with the exception of insurance undertakings.

However, the large European market in financial services being established calls for global prudential supervision, particularly following the countless mergers or acquisitions, not to mention the acquisition of cross holdings, among banks, insurance undertakings, investment funds and other professionals in the financial sector. Several EU Member States have already introduced single national prudential supervision for the financial sector as a whole, including insurance undertakings, or are in the process of doing so.

Would it not be wise to take the opportunity offered by the intergovernmental conference to propose that Article 105(6) be amended so as to provide the legal basis necessary to enable the Council to confer upon the ECB certain specific tasks, including those relating to prudential supervision of insurance undertakings?

Reply

(18 May 2000)

The Council would remind the Honourable Member that, in accordance with Article 48 (former Article N) of the Treaty on European Union, it is for the participants in the Intergovernmental Conference, that is to say the representatives of the Governments of the Member States, to adopt by common accord the amendments to be made to the those Treaties. In the case of institutional amendments in the monetary area, the Council of the European Central Bank is also consulted.