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In a speech on the Conference on “Financial Integration and Stability in Europe” held in Madrid, Ms. Tumpel-Gugerell, Member of the Executive Board of the ECB, called for convergence and harmonisation in the regulatory framework and in supervisory practices. “This is a precondition for financial integration but also an important ingredient for a stable European financial sector”, she said.
“Coordination between supervisors and central banks is key. The Lamfalussy Committees should strive towards both enhancing convergence of supervisory rules at the EU level and improving co-operation between competent authorities in day-to-day supervision.”
“However, the Lamfalussy approach alone is not sufficient to bring about the adoption of new legislation fostering integration”, MS Tumpel-Gugerell concluded. “We need commitment and a specific plan (set by the EU Council) with clear dates and steps that set out how the process is to progress.”
Next year’s review may show that the Lamfalussy committees need a stronger legal basis to make measures to achieve supervisory convergence more effective.