The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power

Article Article scientifique Article The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power eng 2008 author De Visscher Christian 705904 author Maiscocq Olivier author Varone Frédéric 0000-0002-5620-3291 636949 19-47 10.1017/S0143814X08000767 0143-814X http://www.journals.cambridge.org/abstract_S0143814X08000767 In 2000 a Committee of Wise Men chaired by Alexandre Lamfalussy, former president of the European Monetary Institute was appointed by the Economics and Finance Ministers Council to make recommendations on the regulation of the European securities markets. It proposed a four-level system to improve the legislative process while ensuring what it called a democratic and institutional balance. Our paper questions to what extent the concepts of two basic modes of delegation – agency and trust relationships – are appropriate tools to interpret the new structure set up by the Committee. It formulates hypotheses about its policy effectiveness and the balance of power between Community institutions. Evidence supports the agency hypothesis: the Lamfalussy process has reduced the average time taken to negotiate and adopt the first framework directives at level  and it has facilitated the removal of bottlenecks in the process through parallel working at levels 1 and 2. In this sense, delegation has enhanced policy effectiveness in the securities sector. But it is much more difficult to assess the trustee hypothesis: that is, whether the Commission and the Committee of European Securities Regulators (CESR) in fact act as trustees of the member states for the benefit of market actors. For the time being, whether CESR might evolve into a European securities regulator remains an open question. CESR Alexandre Lamfalussy Regulation European securities markets Dewey 320 121 Département de science politique et relations internationales T3 false Journal of public policy 28 01 f325662e-195d-438f-a8f4-acacfceac176 Article (Accepted version) Restricted Article34-Varone.pdf 324173 application/pdf restrictedAccess Faculté des sciences de la société / Département de science politique et relations internationales

Title	Published in	Access level	OA Policy	Year	Views	Downloads

The Lamfalussy Reform in the EU Securities Markets: Fiduciary Relationships, Policy Effectiveness and Balance of Power	Journal of public policy			2008	647	0

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De Visscher, Christian