31. The New Capital Requirements Directive: What pieces are still missing from the puzzle?
- Author:
- Rym Ayadi
- Publication Date:
- 09-2005
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- After almost seven years of hard work to produce a new substantive piece of legislation updating the current banking regulation for European credit institutions and investment firms – the Capital Requirements Directive (CRD) – it looks like its timely adoption is still uncertain. The main problem is the dissatisfaction of Parliament with its limited role in comitology and in the Lamfalussy process, which has led it to suspend 'temporarily' the comitology provisions of the CRD, casting doubt over the future ability to amend the legislation. The European Constitution addresses Parliament's concern about ensuring democratic accountability in the comitology process in Art. 36. The pause for reflection on the Constitution prompted by the no-votes in the French and Dutch referenda has re-ignited the issue and is forcing EU institutions to seek a new inter-institutional agreement on this issue.
- Topic:
- Debt, Economics, and Government
- Political Geography:
- Europe