Financial Supervision Committees (Decision)
In response to the financial crisis the EU-Commission strengthens CEBS-, CESR- and CEIOPS-Committees and provides to them additional funding. The Committees are to enhance closer cooperation between national supervisory authorities and to strengthen the stability of the financial system.
Strengthening the cooperation of national supervisory authorities in CEBS, CESR and CEIOPS improves the supervision and is absolutely necessary. Extending the scope of the Committees’ responsibilities as to include the supervision of financial market stability is also to be welcomed in view of the close global ties of financial markets. It would be reasonable to complement these Committees with the establishment of a group supervision which would facilitate an effective supervision of financial service providers operating at cross-border level.