It is very important that our professional resources must become multi-tasked and multi-disciplined in order to be flexible enough to adapt to the new challenges. This is an area that member states must be able to manage efficiently through cooperation. I now turn to the issue of consolidated supervision The concept of consolidated supervision has been around for a while.
The Basel Committee on Banking Supervision has been promoting this concept by developing a series of best practices for banking supervisors including the Core Principles for Effective Banking Supervision (1997) that has become the world standard for effective banking supervision.