Many MOUs have been signed to obtain a regular exchange of information and cooperation, and some MOUs have been signed to deal with banks of regional systemic importance. Colleges of supervisors are responsible for monitoring insurance groups and some banks. Lamfalussy committees have been established to promote financial integration and make proposals for the coordination of regulation and supervision in the EU.
Level 3 committees, for instance, develop guidelines for the functioning of supervisory colleges and the assessment of financial sector vulnerabilities that are reported to the Financial Stability Table of ECOFIN. EU regulations are applicable to all EU countries (e.g., CRD, MiFID, and Solvency II), but countries can choose the form and methods to implement those regulations nationally.