The market correction has underscored the urgency and importance of enhancing crossborder convergence and cooperation in the supervision of cross-border banks in the EU, which is the objective of the roadmap on enhancing the Lamfalussy framework. Only in this way the necessary preconditions are in place to ensure an effective monitoring of, and response to, cross-border financial risks by banking supervisors.
To that end, it is important to ensure that the Level 3 committees as well as the colleges of supervisors can work as effectively as possible. Ladies and gentlemen, John F. Kennedy once famously said in a speech that the Chinese word for crisis is composed of two characters, one representing danger and the other opportunity.