This contribution is related primarily, but not exclusively, to the supervisory implementation of the Capital Requirements Directive, covering the main elements of the first and second pillar of the new capital adequacy framework.
The CEBS guidelines on the validation of internal-ratings based approaches and home-host cooperation are important pieces of this work aimed at fostering a more coherent approach to cross-border supervision at the group level. I am aware that there are different views on the extent to which the CEBS has made progress in some areas in the pursuit of common supervisory frameworks.