Just recently, the “Inter-Institutional Monitoring Group” presented its 2007 interim report on the Lamfalussy procedure. The report calls for greater efforts in making progress with level 3 supervisory cooperation – which, for banking supervision, means within CEBS. I rate this, first of all, as an endorsement of the cooperative model of supervision in Europe.
That further efforts are needed is beyond dispute, and this is something of which all the responsible national supervisors are aware. What is important, however, is that these structures – which were created only a few years ago – are given the necessary time to achieve the consistent progress.