7  L. Bini Smaghi (2006): “Independence and accountability of supervision in the European financial market”, speech at conference entitled “Financial Regulation and Supervision in Europe”, Milan, Università Bocconi, 9 March 2006; available at http://www.ecb.int/press/key/date/2006/html/sp060309.en.html. 8  European Central Bank, “Contribution to the review of the Lamfalussy framework”, 30 November 2007. 4  BIS Review 10/2008  want and what their customers want.
This is also necessary in order to remove the disincentives to closer cooperation between the national supervisory authorities. 3. Two examples  I would like to illustrate two examples of fields where it is necessary to progress quickly, also in the light of the recent financial turbulence: deposit insurance and management of liquidity risk.