3.2  The Lamfalussy framework and the role of CEIOPS  Turning to the Lamfalussy framework, I would like to start by highlighting that the Eurosystem has from the outset supported the adoption of this approach.
The Eurosystem’s position is that the present institutional arrangements established on the basis of the Lamfalussy framework can provide the appropriate setting to achieve the degree of supervisory cooperation required in the present market environment.