Both of these groups include representatives of each National Competent Authority (NCA). Moreover, a restricted  BIS central bankers’ speeches  5  Project Team, composed of managers from the supervisory and financial stability areas, has been created between the ECB and the national authorities to foster the communication and cooperation within the system.
But in addition to the progressive roll-out of this framework and its incorporation into domestic law, the treatment of systemically important financial institutions and risk capture by the shadow banking sector remains to be addressed. It is important to achieve a level playing field in these areas and that bodies such as the Financial Stability Board continue to work to accomplish such an objective.