137. Many market players believe that there is a
fundamental problem at the stage when regulation is implemented.
How will the Commission obtain the detailed information and evidence
required to take timely and effective enforcement action against
a Member State before the European Court of Justice? [Q. 315].
Many believe that professionals and businesses will be reluctant
to report their national regulator to the Commission for failing
to enforce the FSAP. One witness suggested an informal method
of resolving the difficulties - resort to an arbitrator or an
ombudsman for professionals. This is a problem that needs to
be addressed before 2005.
A Single European Regulator
138. Some observers have cast doubt on whether the
Lamfalussy process will be able to cope with the enormous regulatory
burden which is looming. We agree that there will be difficulties
and we are not yet convinced of the commitment of all Member States
to speed-up implementation. But in our view, the Lamfalussy process
has to be given every opportunity to develop its role. We agree
with the overwhelming majority of the witnesses that a single
European Regulator is neither necessary nor desirable for as far
ahead as we can realistically see.
73 It is interesting to compare this possibility with
the reaction expressed by Mr Philippe de Buck, Secretary General
of the Federation of European Employers Organisation (UNICE) in
connection with the Commission's draft Directive on the European
Chemical Industry - EU Reporter, Week 42, 13-17 October 2003. Back
See the Editorial in the Times Business Section, 7 November 2003,
Page 39. Back