In its response to the interim report of the Inter-Institutional Monitoring Group the European Savings Banks Group (ESBG) noted that the core criterion, notably that the Lamfalussy process has to ensure not only a fast but also workable, comprehensive and consistent legislation which is of value for both market participants and investors should have been addressed more explicitly.
ESBG also states that although time is a crucial factor, it shares the concern of many other market participants that the need for meeting the timetable will be at the expense of the quality of the process and the legislation.
ESBG response
© European Savings Banks Group
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