A plan for a pan-European central supervisory authority, combined with a uniform European administrative and enforcement law and a European system of legal protection, drawn up by the working group set up by the EU governments in November 2000 under the leadership of the former president of the European Monetary Institute, Baron Alexandre Lamfalussy. – The plan is opposed to the existing decentralized supervisory structure, which is characterized by national competence and pan-European cooperation; it makes use of the proximity and special knowledge of the responsible national bodies in supervision and combines this with various forms of cross-border cooperation. This is because, despite the increasing interconnectedness of national markets, the differences in the individual financial systems are still considerable. At least for the euro area, the Lamfalussy proposal has been widely realized through the establishment of European banking supervision. – See Financial Services Action Plan, Pan-financial supervision, Supervision, European, Supervisory authorities, Financial market supervision, European, Subsidiarity principle. – See also BaFin Annual Report 2002, p. 45, ECB Annual Report 2003, p. 120, BaFin Annual Report 2003, p. 48 et seq. (p. 50 important graphic on the legislative process), ECB Monthly Bulletin of November 2004, p. 93 et seq, BaFin’s 2004 Annual Report, p. 41 f. (work in the committees) as well as the respective BaFin Annual Report, Deutsche Bundesbank’s Monthly Report of January 2006, p. 50 (step-by-step plan), BaFin’s 2008 Annual Report, p. 43 (strengthening the role of the 3L3 bodies), BaFin’s 2009 Annual Report, p. 40 (cooperation of the Lamfalussy bodies) as well as the respective BaFin Annual Report, chapter “International.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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