This inter-disciplinary research project combined a political science and legal perspective on an economic issue that is at the core of the EU single market project: the creation of a single EU securities market.
A thorough and detailed investigation of the Lamfalussy scheme, which is the new regulatory structures in the EU securities sector since February 2002, is a highly relevant research objective since the Lamfalussy reform of the EU securities market might indeed be considered as one facet of a general trend or a pilot for changes, which are in line with the Commissionís own proposals on governance and, which are likely to follow in other fields of European public policy.
Quite new is the role assigned to a new consultative body called the Committee of European Securities Regulators (CESR) whose primary function is to express the views of the market practitioners during the consultation phase and to coordinate their action at the implementation phase.
This research project aimed at assessing the policy effectiveness as well as the democratic legitimacy of this new approach of governance. It further analysed the wider implications for European governance of this system of delegated powers to the Commission and comitology. The project output consists of working documents, a final report and a series of articles to be published in edited volumes and journals.