One is the difference in the growth rates of potential output (the rate of growth that can be  1  J. M. Keynes, The General Theory of Unemployment, Interest, and Money (London: Macmillan / St Martin’s Press, 1936; reprinted 1970), p. 297.
In order to get the best out of the Lamfalussy process, there is a need for a strong commitment from all involved parties, and in primis by national supervisory authorities. This model could work effectively only if all authorities endeavour to allocate enough resources and contribute to enhancing the effectiveness of the Level 3 committees.