The first full review of the functioning of the Lamfalussy process conducted by the ECOFIN Council in December 2007 revealed a general consensus among EU bodies that there is a need for enhancing the functioning of the Lamfalussy approach.
BIS Review 50/1999  2  There are three main areas towards which international efforts are currently directed: strengthening financial systems; ensuring that countries follow responsible macroeconomic and financial policies; and developing effective processes for managing crises when they arise. Let’s look at these three areas. First, there is the need to encourage sound financial systems -nationally and internationally.