The European Parliament, the Council and the European Commission have agreed on the re-establishment of the Inter-institutional Monitoring Group for financial services in order to cover the extended Lamfalussy process. The Monitoring Group is composed of six independent experts, of which each institution has nominated two. It has a mandate to assess the progress made on implementing the Lamfalussy process (see IP/02/195) which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. The Monitoring Group will meet for the first time in September 2005.