This paper is part of the PHARE-ACE research project (No 96-6009-R), entitled: "The Future of Banking Supervision and Regulation in selected transitional economies in relation to European Monetary Union". The working paper examines how different CEECs (Slovenia, Hungary, Czech Republic) are...

This paper looks into the concepts underpinning the current generation of capital market integration directives, that follow the Lamfalussy-approach. In particular, we examine whether the Level 1-directives are based on minimum or maximum harmonization. We submit that the European lawmakers have...

The European harmonization efforts produced under the European Commission's Financial Services Action Plan in the field of capital market regulation have created an impressive body of investor protection oriented rules. Strikingly, the harmonization directives remain largely silent on the...