Theoretical and Applied Economics
No. 8 / 2008 (525)
“Lamfalussy Architecture” – A Model for Consolidating the Financial Markets’ Supervision
Elena Georgescu
Academia de Studii Economice, Bucuresti
Abstract. 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.
Contents
Finances, in the Light of Utility and Equity Criteria
Tax Politcy and Social Output: The UE Case
Effects of International Financial Turbulences Extension on the Romanian Economy. Prevention Solutions
Representing the Local Interests in Governmental Policy Making. The Romanian Experiment
“Lamfalussy Architecture” – A Model for Consolidating the Financial Markets’ Supervision
Gross or Net Settlement? What Type of Securities Settlement System Works Best?