services and simultaneously a very efficient mean to deepen it. finally, i think that a lot of attention should be addressed to achieve the objective of supervisory convergence which the level 3 committees have to deliver. this objective is crucial for reducing the compliance costs for financial institutions operating on a cross - border basis. it is also relevant for promoting convergence towards best supervisory practices. the success of the supervisory committees will be very largely measured in terms of their capability of actually delivering the objective concerned. concluding remarks ladies and gentlemen, let me, in conclusion, repeat my main messages as concisely as possible. first, now a new period begins with less emphasis on new regulation and much more emphasis on transposition and enforcement of existing measures. second, the implementation of the lamfalussy framework is a unique opportunity to achieve consistency in the regulatory and supervisory framework across member states and therefore to have an effective level playing field for financial services. third, the working of a “ financial services rulebook ” is warmly and strongly supported by the ecb. and fourth, we will continue, as far as we are concerned, to work closely with the commission, policy makers and market participants and will continue to play the role of catalyst of private sector initiatives where it appears appropriate. thank you very much for your attention.

jean - claude trichet : financial markets integration in europe : the ecb ’ s view speech by mr jean - claude trichet, president of the european central bank, at the 9th european financial markets convention federation of european securities exchanges, brussels, 26 may 2005. * * * introduction ladies and gentlemen, i accepted with great pleasure your invitation to speak this evening at the 9th european financial markets convention. i have to say that i particularly like the fact that tonight ’ s dinner is being held here in the cbbd ( centre belge de la bande dessinee ) as it is a remarkable place in two respects. first, it is a fascinating art nouveau building that was built by victor horta in 1903. second, it was here that i had confirmation that the first expedition to the moon was not engineered by americans, but by belgian citizens. there is a model here of the rocket that belgium ’ s intrepid heros, tintin et milou, tintin and snowy, used to go to the moon well before armstrong. the title of this year ’ s convention is “ towards true integration by 2009 ”. given that the integration of the financial system in europe, in particular in the euro area, is of utmost importance to the ecb, i would like to present our views on the process of european financial integration. i will start by highlighting the economic benefits of financial integration. i will then briefly summarise the state of financial integration in europe, paying particular attention, given the specific event, to recent developments in the eu securities markets, especially in the field of securities regulation. finally, i will outline prospects for the future, taking into account the recent publication of the european commission ’ s green paper on financial services policy in 2005 - 2010. the economic benefits of financial integration the lisbon strategy was defined in 2000 to enhance structural reforms, which europe urgently needs. structural reforms raise the growth potential of the european economy. and one such structural reform is the process of european financial integration. it is generally accepted that financial integration fosters financial development, which in turn creates potential for higher economic growth. in a nutshell, the link is as follows. financial integration enables the realisation of economies of scale and increases the supply of funds for investment opportunities. the actual integration process also stimulates competition and the expansion of markets, thereby leading to further financial development. in turn, financial development can result in a more efficient allocation of capital as well as a reduction in the cost of