In order to integrate majority voting effectively within CEBS’s voluntary mode of cooperation, the respective decisions should be observed by supervisors on a comply-or-explain basis and implementation should be carefully monitored via CEBS’ peer review mechanism. Second, further efforts are warranted to improve the level of regulatory convergence.
Progress in this field is a key issue especially in the banking sector, where most EU rules – with the exception of the Capital Requirements Directive (CRD) – had been adopted before the Lamfalussy approach became available. Even in the case of the CRD, the Lamfalussy approach was implemented only to some extent.