A new phase now begins for the period 2005-2010, with a very different focus: consolidation of existing legislation, with few new initiatives; ensuring the effective transposition of European
rules into national regulation and more rigorous enforcement by supervisory authorities; continuous ex-post evaluation whereby the Commission will monitor carefully the application of these rules in practice – and their impact on the European financial sector. Member Sta
tes, regulators and market participants must p ...[+++]lay their role. If needed, the Commission will not hesitate to propose to modify or even repeal measures that are not delivering the intended benefits. This approach is essential to ensure that the hard-won European regulatory framework will function optimally – for the benefit of market participants, more than 20 million European businesses and 450 million citizens, and thus for the European economy as a whole.