Securities Market Regulation in the EU: Everything You Always Wanted to Know about the Lamfalussy Procedure. CEPS Reports in Finance and Banking No. 33, 1 April 2004

[From the Introduction] The increasing pace of economic integration across borders challenges the traditional concept of national regulation. Nowhere is this discrepancy between the global reach of markets and the national limits of regulation more manifest than in financial markets. The aim of this paper is explore how the member states of the European Union have grappled with this challenge. It provides an overview of how the overarching aim of constructing an internal market has affected the location of political authority.[1] A first part examines how this discussion has developed generally, while a second part looks at current discussions regarding one of the areas that has been the hardest to integrate: financial services, and more particularly securities markets