As regards the Level 2, I would consider further efforts for optimising the content of this component of the Lamfalussy framework as of critical importance. In particular, the distinction between Level 1 and Level 2 legislation, with due consideration of the applicable legislative procedures, could be better refined.
The sharp rise in the net foreign liability position of the US raises the risks of abrupt and disorderly adjustment of major currencies as the global imbalances unwind.