First, it is crucial that authorities implement the FSAP measures, which provide the legal infrastructure for a single financial market, in a coherent manner. In this respect, I would highlight the provisions of the new Investment Services Directive, which will provide the single market for financial services with a core legislative framework.
Furthermore, the Lamfalussy process of regulation and supervision, now being extended from the securities field to the banking and insurance sectors, will allow for more flexible and uniform technical regulations. This dynamic process should ultimately produce a genuine common financial legislation and regulation for market players, while respecting the principle of subsidiarity enshrined in the Treaty.