In this respect, let me mention that in the EU context the review of the Capital Requirements Directive is expected to lead to enhancing the role of the consolidating supervisor and to provide the institutional underpinning for the operation of supervisory colleges under the auspices of the Committee of European Banking  BIS Review 128/2008  3  Supervisors (CEBS).
Furthermore, supervisory cooperation should also be intensified on a cross-sector basis as the boundaries between financial activities are becoming increasingly blurred and all financial sectors can be affected by market developments. More broadly, all competent financial authorities, including central banks, supervisors and ministries of finance should strengthen their coordination mechanisms for managing crises impacting crossborder financial institutions.