It will also need to cooperate closely with other regulators to develop well-rehearsed working protocols and a joint sense of responsibility for financial stability, while respecting that each independent agency has its own specific statutory mandate and governing body.
Incidentally, the provision according the powers to make exchange rate arrangements is likewise a potential source of vulnerability. Pursuant to Article 109, the EC Council may, subject to certain preconditions, conclude formal agreements on an exchange rate system in relation to non-Community currencies. Subject to similar conditions, the Council may formulate general orientations for exchange rate policy in relation to non-Community currencies.