In this respect, as a general observation, I would only say that the existence of the Eurosystem provides an extremely strong and effective decision making in the area of central banking, while the Level 3 Committees are expected to develop their own cooperative network in the field of supervision. 2.
Key developments in the European financial system  Against this background, let me point out that the European financial system has experienced fundamental developments in the past years, which have a particular bearing on the EU financial stability arrangements. I would like to highlight three of them. First, the overall progress in European financial integration.