This is the only feasible option. But how does one accomplish this, in practice? In fact, we have already taken the first steps. In 2008, the supervision authorities, central banks and finance ministries of the European Union signed a Memorandum of Understanding aimed at improving cross-border cooperation. This European memorandum encourages Member States with common banking groups to enhance crisis preparedness by developing permanent cooperation structures. These cooperation structures, or so-called Cross-Border Stability Groups, should include a clear division of roles and responsibilities between the authorities and ministries. They should share information; discuss potential problems and solutions; and establish procedures on how to coordinate actions in a crisis. Over the longer term, such cooperation may also make it clear to the authorities involved that legal and regulatory harmonisation is a good thing. That looks good on paper. But the proof of the pudding is in the eating. Despite the fact that all EU Member States signed this memorandum almost two years ago, cooperation between authorities in different European countries remains limited. For instance, as far as I know, only one Cross-Border Stability Group is presently being established. I am quite proud of the fact that the Swedish finance ministry, the supervisory authority and the Riksbank – together with the other authorities and ministries in the Nordic and Baltic countries – are among the signatories. This Nordic-Baltic stability group has a clear governance arrangement and a comprehensive list of responsibilities. This certainly enhances our preparedness for managing a crisis in any of our common international banking groups.
It will not only reinforce the need for constant vigilance from all parties, but also help create an environment where everyone is risk conscious and responsible in protecting the interests of each other. These initiatives would not achieve the desired outcomes without effective  BIS central bankers’ speeches  1  communication, and the media has a critical role to play in conveying the message from the banks. We have always acknowledged the importance of the media and I would like to record Bank Negara Malaysia’s appreciation for the assistance rendered by the media in creating awareness of this issue in the past. We hope that with the support of the media on this occasion too, this campaign will be a success, and the public will have heightened levels of understanding and vigilance over this issue. On behalf of Bank Negara Malaysia, I would like to thank all the banks for taking this initiative to undertake this joint e-banking awareness campaign. Our thanks also to Cyber Security and the Police Force for your ongoing efforts to collaborate with the banking industry. I wish all of you the best and assure you that Bank Negara Malaysia will continuously support you in this noble effort. 2  BIS central bankers’ speeches