It is being met in Europe and at international level through formal and informal bilateral agreements and through participation in multilateral fora, including the newly established Financial Stability Forum (in both cases with reference to common standards, such as those developed by the Basel Banking Committee).
Coordination nonetheless suffers from potential shortcomings, including the risk of confusion concerning responsibilities and the possibility of overarching that amounts to a surreptitious form of total centralization. BIS Review 39/2001  3  Conclusions The present set-up in Italy is based on a reasonable allocation of supervisory responsibilities in terms of the aims to be pursued and the institutions to be supervised.