Second, the experience of the turmoil emphasises the importance of a smooth and effective interplay in terms of cooperation and information exchange among supervisory authorities and between them and central banks in the detection of threats to the stability of financial system, the assessment of the unfolding of a stress situation and the decision on possible policy action to counter potential negative impacts.
I will say that the present experience fully confirms the position taken a long time ago by the Eurosystem according to which a close institutional link between central banks and banking surveillance authorities is extremely important.