During last week's debate on the European Parliament's (EP) resolution on the slow progress on key financial regulatory initiatives, the Council responded to questions raised by EP. The Council said it would not sacrifice quality for speed and that it was giving priority to banking initiatives because of the importance of the sector. The proposals for a Single Resolution Mechanism, which the Commission has yet to table, will also be a priority file with a view to adopting the legislation by the end of the current parliamentary term. It also plans that the fourth Capital Requirements Directive (CRD4) and Regulation (CRR) will be formally adopted before July. The Council went on to announce imminent agreements on the Council's general approach for the bank Recovery and Resolution Directive (RRD), the Directive on the Key Information Document for packaged retail investment products (KID) and the Central Securities Depositories (CSD) Regulation. Political agreement with EP over the new market abuse legislation is also within reach. On 21 June, the meeting of the Economic and Financial Affairs Council (ECOFIN) is set to consider a Presidency proposal for a general approach to RRD. (Source: Financial Services: Lack of Progress - Debate at the EP Plenary Session and Council - Main Topics for the Coming Fortnight)