As a result, for us to be able to adequately address all potential risks from the continued convergence of players and their cross-border expansion, the time to embrace consolidated supervision within and across our borders is at hand. As you may be aware the importance of cooperation between home and host regulators of banking groups dates back three to four decades ago.
The Basel Committee for Banking Supervision developed guidelines in 1975 to guide cooperation between national authorities in the supervision of banks with cross-border establishments.