This work has significantly contributed to build the foundations of the EU supervisory convergence which should be able to promote further banking integration and maintain at the same time its effectiveness in pursuing financial stability in a more integrated financial system.
Furthermore, the discussion held under the initiative of the Basel Committee on Banking Supervision has led to several important international agreements, which have been taken to improve capital adequacy, supervisory framework and market discipline. The implementation of these international standards should strengthen banks’ capital worldwide and improve systemic stability. We in Europe, remain notably in favor of the multilateral approach.