Is Lamfalussy Falling from the Third Floor (Level)?

The implementation of the 'Lamfalussy Process' initiated a period of development, adaptation and positive feeling towards the EU's financial regulatory structure. However, some circumstances and experiences from the process' application flatten the high geared expectations created during the last years. It is the objective of this paper to point out the fundamental advantages and criticisms of the 'Lamfalussy Process' in its implementation level and, if possible, affirm the positive or negative value of the complete process