The European Parliament has ended nearly a year of bitter dispute with the European Commission by finally endorsing the Lamfalussy report on the future of securities regulation in Europe.

The decision by the European Parliament should accelerate the Commission's ambitious plans to to achieve a single European financial services market by the end of 2005. A central part of this plan is the Lamfalussy report, compiled by Baron Alexandre Lamfalussy and a committee of &quotWise Men&quot which outlined a structure to accelerate the harmonisation of European securities and financial markets regulation.