The CESR is providing a contribution in this field by promoting strategic reflections on the key challenges surrounding supervisory convergence. I am referring to the recently published report by CESR, commonly called the “Himalaya Report”.
I understand that these reflections mirror the fact that, in comparison with other level 3 committees, the CESR has already gained some experience and is a position to start developing strategic considerations about its future role. On this issue, I would like to emphasise my conviction of the soundness and potential of the Lamfalussy framework.