The forthcoming CEBS guidelines for supervisory cooperation will provide concrete guidance for the effective and consistent implementation of the revised legal framework for cross-border banking groups. This will also increase the effectiveness of the arrangements for supervisory cooperation with regard to cross-border banks that have a significant number of foreign branches in host countries.
The dampening effect of the Asian problems on expectations for primary commodity prices has also been a factor behind movements in the currencies of countries, like Canada, that are important producers and exporters of such products. With all this going on, the Canadian dollar has declined by just under 5 per cent against the US dollar since late September.