The Economic and Financial Committee has been asked to develop proposals to improve the cooperation mechanisms for managing crises at these intermediaries. (i)  The instruments for managing crises. In the first place significantly increased harmonization of legislation on the instruments for managing crises is necessary.
In fact the large disparities between member states with regard to national authorities’ powers and responsibilities in early interventions and the procedures for resolving crises prevent the coordinated management of interventions involving cross-border groups. The Commission has undertaken to present proposals for European legislation in this field shortly.