I support this concept: a financial services rulebook may constitute a significant contribution to reducing complexity and possible inconsistencies in the overall regulatory framework for the single financial market as well as possible legal uncertainties. More generally, I believe that the Lamfalussy framework contains all the elements needed to effectively pursue the objectives set out by the Commission in the area of financial regulation.
Financial supervision Turning to the area of financial supervision, the ECB shares the “evolutionary” approach proposed by the Commission which is based on: (i) the definition of and agreement on policy objectives; (ii) the full exploitation of the current institutional framework; and (iii) the notion that the creation of new structures should only be considered if the current set-up is deemed unable to fulfil such objectives.