The Inter-institutional Monitoring Group (IIMG) has published its second interim report on the "Lamfalussy process", a four-level regulatory approach to the development of financial services regulation which aims to allow the EU to respond rapidly and flexibly to developments in financial markets to achieve greater market integration and improved competitiveness. Based on the analysis its first interim report and on evidence given by stakeholders, the Group's second interim report provides some preliminary recommendations to improve what has been, overall, a successful process. The second interim report is open for public consultation until 26 March 2007.