The Lamfalussy reforms have streamlined the law-making process for EU fnancial regulation but have not led to any simplifcation in the regulatory regime. Critically discuss.You may also fnd it useful to review the chapter through the following questions:
• To what extent do the reforms introduced under the de Larosière Report mark a shift in the way that regulatory policy and legislation is developed in the EU, and how effective have they been to date?
• What are the benefts and risks of fnancial regulation harmonisation?
• What role remains for Member States in the new European fnancial architecture?
• What are the implications of the MiFID Directive in the assessment of clients’ risk
profle?
• What is the MiFID passport system? What are the main reforms implemented by the
MiFID II Directive?
• Explain the principles of freedom of establishment and mutual recognition of banks?
• What are the main features of ECB’s supervision role?
• What are the benefts and risks of the EU Banking Union?
• What do you think some of the implications will be of the creation of a Eurozone
Banking Union, and what are some of the pre-conditions for its effectiveness?
• What are the regulatory tools of the single resolution mechanism
