To make matters even more challenging, state and local governments face extraordinary budget deficits and have fewer resources to offer these communities. Given this context, it is no surprise that some members of Congress have expressed an interest in considering measures to improve the supervision of financial institutions, including the role of CRA in providing financial products and services to lower-income communities.
The network has organised a series of conferences attended by academics, market participants and policymakers, such as the one hosted in September 2006 by the Deutsche Bundesbank entitled “Financial System Modernisation and Economic Growth”. Furthermore, I would like to mention that, every year, the network awards five “Lamfalussy fellowships” to promising young researchers who undertake projects in the field of financial integration.