In particular, the financial crisis has underscored the urgency of reviewing the EU supervisory framework, which is still based on national responsibilities against the background of increased financial market integration and the growing role of large cross-border financial institutions.
It is also our intention to work with the OCC and the FDIC to provide guidance to large banks on how we expect them to identify, measure, monitor, and manage the financial risks of climate change. Operational Resilience The last priority I will mention is operational resilience. Financial institutions face significant challenges from a wide range of disruptive events.