Recent events clearly underscore that swift decision-making is of the essence; we cannot afford to have a cumbersome decision-making process in case of disagreements. Second, the coordination role of Level 3 committees would be of critical importance to ensure consistency of supervisory actions across colleges. Finally, let me stress the importance of effective information exchange.
First, communication between the home and host supervisors within the colleges is crucial for the full understanding of the risk profile of the group. Second, the financial turmoil has highlighted the importance of information sharing between central banks and supervisors for the identification and assessment of risks to financial stability.