“Lamfalussy Architecture” – A Model for Consolidating the Financial Markets’ Supervision

• Main Authors: Nicolae Dardac, Elena Georgescu
• Format: Article
• Language: English
• Published: General Association of Economists from Romania 2008-08-01
• Series: Theoretical and Applied Economics
• Subjects: “Lamfalussy architecture”; Financial Services Action Plan (FSAP); convergence; supervision; single financial market; Level 3 committess 3(L3C)
• Online Access: http://store.ectap.ro/articole/326.pdf

The enhancement of convergence in the supervisory practices, both by increasing the quality of the legal framework and of the regulations in the field of financial services and by improving the consultation process, represents a prerequisite for setting up the Single Market for financial services at EU level. In order to reach this goal a new approach, known as “Lamfalussy Architecture”, has been developed. The implementation of this model will increase the efficiency of the regulatory and supervisory framework within the financial markets, by removing the obstacles in the way of their integration into the Single Market. At the same time, setting up an EU Single Market implies a thorough monitoring of the financial stability through a constant review of the regulatory and supervisory framework.