In the EU, the ECB and the European System of Central Banks stand ready to carry out the analytical and statistical work necessary so that the new EU body responsible for macro-prudential supervision can perform its functions effectively. At the same time, the involvement and cooperation of supervisory authorities is also essential.
In addition to the proposed participation of the chairpersons of CEBS, CEIOPS and CESR, as well as one representative of the European Commission, the heads of national supervisors could be invited to join the national central bank governors as required by the subjects being discussed. Appropriate links should also be established between the ESCB and the proposed European System of Financial Supervision.