The supervision and management of this process requires close monitoring and careful analysis of the current trends. It also requires all responsible authorities to assess, on an ongoing basis, whether the existing institutional arrangements remain appropriate and whether they are likely to cope well with future challenges.
Keeping an open mind certainly complements our attitude of considering with caution some of the ideas that call for fundamental institutional changes. Several reasons underlie our position. First, we consider that the arrangements for supervisory cooperation have been considerably enhanced by the strengthened legal framework for supervisory cooperation and the introduction of the Lamfalussy approach.