In a speech on 'ECB-CFS Research Network on capital markets and financial integration in Europe' given on 21 November, Gertrude Tumpel-Gugerell of the ECB said the ECB clearly supports the view expressed among others by the Lamfalussy Committee of Wise Men that the consolidation process should in general be driven by market forces. However, this is not to say that there is no reason for central banks to be interested and involved in the process. On the contrary, the consolidation process