Level 3 committees, for instance, develop guidelines for the functioning of supervisory colleges and the assessment of financial sector vulnerabilities that are reported to the Financial Stability Table of ECOFIN. EU regulations are applicable to all EU countries (e.g., CRD, MiFID, and Solvency II), but countries can choose the form and methods to implement those regulations nationally.
I guess, the answer to that question therefore is – as both Francis and I agreed – the FRIA is important to the BSP as well, just as it is to you. In fact, while deliberations in Congress on the FRIA were on-going, the BSP did parallel work on formally adopting financial stability as a policy objective.