It is of the essence to encourage cooperation frameworks among supervisors, central banks, and finance ministries from countries involved in extensive cross-border banking. Such frameworks should not be limited to the exchange of financial information. They must include agreements over procedures and the establishment of standards for the division of responsibilities.
The second pillar concerns sound liquidity management and stable financing. 4/6  BIS - Central bankers' speeches  After the financial crisis, a sensible European framework was established to support the institutions' sound liquidity management combined with contingency measures for use in situations with liquidity difficulties. Given the current market conditions, we should be thankful for this regulation.