BIS central bankers’ speeches  1  To facilitate the supervision of international banks, the European System of Financial Supervisors (ESFS) has been set up. Part of this system is the European Banking Authority (EBA), which is responsible for supervising the banking sector. To allow for adequate subsidiarity, the EBA follows a members-based approach where national supervisors are members of boards and working groups.
Second, we need to consider developing a regional approach to sovereign debt restructuring. With the exception of Guyana and Haiti, all other Caribbean countries are considered either not poor enough and/or not severely indebted enough to access traditional international debt restructuring and relief mechanisms such as the enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI).