This institutional framework should lay the foundations for a competitive and dynamic financial sector, make sure it is secure and efficient, while at the same time limiting the cost of integration that comes with potential duplication of controls, divergent laws or inconsistent application of rules and regulations. The whole Lamfalussy architecture has been specifically devised to meet market participants' demand for more consistency.
At each level, considerable and commendable progress has been made towards faster, more efficient and more consistent rule-making as well as closer convergence of supervisory practices. In addition, the Lamfalussy architecture has nurtured a culture of cooperation, fostering greater transparency and strengthening dialogue between rule-makers and with the private sector.