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The Inter-Institutional Monitoring Group published its third and final report on the "Lamfalussy process". The Group provides a general assessment of the Lamfalussy framework, an evaluation of its ability to deliver results and proposes concrete recommendations for improving the overall process. The Group emphasises the need to strengthen the role that the Level 3 Committees play as a platform for the coordination of supervision and regulation, in facilitating the development of supervisory tools and methods, and in strengthening the trust between national supervisors.
The Group's final report focuses therefore on the functioning of the Level 3 Committees and identifies the areas where more progress is necessary to keep pace with the development of the markets.
It considers it necessary to provide the Level 3 Committees with an appropriate legal basis and a clear EU mandate endorsed by the European Institutions. It invites the Level 3 Committees to review their decision-making rules with the objective of better operational effectiveness and highlights the need to provide the Committees with sufficient financial and other resources.