The forthcoming CEBS guidelines for supervisory cooperation will provide concrete guidance for the effective and consistent implementation of the revised legal framework for cross-border banking groups. This will also increase the effectiveness of the arrangements for supervisory cooperation with regard to cross-border banks that have a significant number of foreign branches in host countries.
I would also like to remind you briefly that important initiatives have been taken to enhance the other public policies safeguarding financial stability. For example, in the area of financial stability monitoring, the Economic and Financial Committee’s recently established Financial Stability Table has played an important role in forming a comprehensive assessment of risks to financial stability in the EU.