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The report states that enforcement remains one of the weak elements in the post-1992 period, and the scoreboard indicators are not promising. The new regulatory structure should act as a powerful incentive for adequate enforcement. Yet the new structure in itself is powerless to drive change where there is an absence of political will.
Furthermore, the report also calls for a broader use of regulatory impact analysis in the regulatory process. Excessive detail in level 1, which sets the framework principles, must be avoided by a clear and objective definition of what constitutes framework principles.
Also, Convergence in supervisory competences is expected to occur and needs to happen in conjunction with financial stability oversight, but this will demand the full cooperation of member states’ authorities.