In this field, I believe that an important step forward is represented by the MoU on financial stability arrangements signed by the EU central banks, supervisors and ministries of finance in June 2008, which I already mentioned before. Conclusion EU and national authorities are developing a number of policy measures to respond to the financial market turmoil.
The recent crisis has also underscored the extent to which direct involvement in the oversight of banks and bank holding companies contributes to the Federal Reserve’s effectiveness in carrying out its responsibilities as a central bank, including the making of monetary policy and the management of the discount window.