•  Third, credit derivatives and structured credit markets have transformed the financial system at large, whereby the risk re-allocation activity may have become just as important as – and in some cases a full substitute for - the more traditional capital allocation.
We do not know what will be the degree of success achieved by the Community authorities in their co-ordinating activity; but it is certain that the existence of an administrative machinery and of an institutional framework (already successful in other fields) will improve the ability of the area to deal with such problems.” See Lamfalussy, A. (1963), The United Kingdom and the Six.