First, I would underline that the ability of the current arrangements to deliver results in terms of improved cross-border supervision ultimately depends on the institutional setting. As we know, the CEBS is not an institutional body in its own right, but a network of national authorities.
While the CEBS – as well as the other Level 3 committees – is accountable for its achievements towards supervisory convergence at EU level, through periodic reporting to the Financial Services Committee and the European Parliament, its members are ultimately accountable to their national constituencies.