It is a necessary condition for the new institutional framework to work effectively. I see a number of areas of cooperation between the ESRB and the ESAs. The first relates to the exchange of information for the detection of systemic risk. The ESRB will need the supervisory knowledge of the financial sectors.
This knowledge can be provided by the ESAs and the national supervisory authorities through their involvement in the Advisory Technical Committee, which will support the ESRB. The ESRB will also need data and information. The provisions in the legislative proposals provide for a smooth flow of information between the authorities in both directions, with full respect for confidentiality requirements.