(36)In exercising its implementing powers in accordance with this Directive, the Commission should respect the following principles: — the need to ensure confidence in financial markets among investors by promoting high standards of transparency in financial markets; — the need to provide investors with a wide range of competing investments and a level of disclosure and protection tailored to their circumstances; — the need to ensure that independent regulatory authorities enforce the rules consistently, especially as regards the fight against economic crime; — the need for high levels of transparency and consultation with all market participants and with the European Parliament and the Council; — the need to encourage innovation in financial markets if they are to be dynamic and efficient; — the need to ensure market integrity by close and reactive monitoring of financial innovation; — the importance of reducing the cost of, and increasing access to, capital; — the balance of costs and benefits to market participants on a long-term basis, including small and medium-sized businesses and small investors, in any implementing measures; — the need to foster the international competitiveness of Community financial markets without prejudice to a much-needed extension of international cooperation; — the need to achieve a level playing field for all market participants by establishing Community-wide regulations wherever appropriate; — the need to respect differences in national markets where these do not unduly impinge on the coherence of the single market; — the need to ensure coherence with other Community legislation in this area, as imbalances in information and a lack of transparency may jeopardise the operation of the markets and above all harm consumers and small investors.