This High-Level Group has been given the mandate to submit proposals to strengthen European supervisory arrangements covering all financial sectors by looking also at the allocation of tasks between the national and the European levels. It is expected to present its recommendations in February 2009, in time for the preparation of the Spring 2009 European Council.
The Eurosystem’s longstanding position has been that there is no optimal arrangement for the organisation of supervision. Different models for the allocation of supervisory responsibilities can be envisaged and implemented. What really matters is that, regardless of the model adopted, there exists a very close and smooth interplay between the central banking and the supervisory communities.