This relates to the introduction of a European mandate for national supervisors, the clarification and strengthening of the functioning of the committees of supervisors at the level of the 27 EU member states and the wider use of colleges of supervisors to re-enforce the supervision of cross-border banking groups.
Moreover, a Memorandum of Understanding on cross-border cooperation in financial crisis situations between all relevant authorities in the EU, that is supervisory authorities, central banks and finance ministries, has been signed. In sum, a number of significant initiatives are underway at the various levels of governance of the global financial system to respond to the challenges of globalisation.