Overall, a wide access by central banks, including the ECB, to supervisory information would render their financial stability assessment more effective both to monitor and prevent financial stresses. At the same time, the outcome of the central banks’ financial stability assessment can be of use to supervisory authorities, for instance, by helping them focus their monitoring activity on certain categories of risk.
This is the rationale behind the specific FSF recommendation which I mentioned at the beginning, namely, to enhance the interplay between central banks and supervisory authorities. 5. Legal and institutional aspects  Coming closer to the end of my remarks, let me now turn to institutional arrangements. The task of contributing to the smooth conduct of supervisory policies, mentioned in Art.