Let me now turn to the role of market participants. To complement the public sector initiatives I have just outlined, collective action by market participants at the European level is required. Let me provide two examples of where such collective action is needed. First, it is crucial that market players participate and contribute actively to the European policy-making process.
Let me recall that under the Lamfalussy process, market participants are being consulted extensively and called to contribute to the design of regulatory proposals and policy strategy. I note in this respect the European Commission’s initiative of establishing expert groups to conduct a thorough assessment of the state of integration of European financial markets.