Named after its chairman, the Belgian Baron Alexandre Lamfalussy, and established by the EU governments in November 2000, this is a four-stage plan aimed at harmonizing legislation in the EU financial market. Stage 1 involves the preparation of framework legislation for each of the EU institutions (Parliament, Council of Ministers, Commission). The next step is the preparation of implementing legislation. In stage 3, the uniform implementation as well as the integration of the new regulations into the respective national regulatory framework is carried out. The last stage aims to ensure the application and enforcement of the EU law created in this way (supervisory convergence; prudential convergence). With European banking supervision in place in 2014, this goal has largely been achieved. – At all four levels, the individual European supervisory authorities participated through their working groups. – The Lamfalussy process was critically accompanied by an inter-institutional monitoring group, which was also primarily concerned with assessing the practical application of the law-aligning steps. – See Financial Services Action Plan, supervision, European, financial market supervision, European, Larosière Committee, subsidiarity principle, overregulation. – Cf. ECB Annual Report 2007, p. 191 (on the four-step plan, referred to here as the “concept”), ECB Monthly Report of April 2008, pp. 88 ff. (implementation progress), BaFin Annual Report 2007, pp. 43 f. (IIMG report on the status of the Lamfalussy process) ECB Annual Report 2007, pp. 160 f. (interplay of assessments by various bodies).

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