In this respect, the concrete implementation of the recommendations contained in the Report on Financial Supervision prepared by the Financial Services Committee and endorsed by the ECOFIN Council on 5 May 2006 represents certainly an important milestone. More generally, the forthcoming review of the Lamfalussy process represents an important occasion for further reflections about the efficiency and effectiveness of the current EU supervisory setting.
In this context, an important objective of the review should be the identification of concrete measures to further strengthen the supervisory role of the Level 3 Committees.