ECOFIN noted that "the growing number of cross-border financial groups and the increasing international and cross-sector interlinkages in the financial markets call for further progress in the convergence of supervisory practices and cross-border cooperation among supervisory authorities in the EU. The Council underlines that supervisory convergence needs to be intensified to fully benefit from the FSAP [Financial Services Action Plan] and related measures and thus, to reap the benefits of an integrated financial market." ECOFIN asked the Committee of European Securities Regulators (CESR), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), and the Committee of European Banking Supervisors (CEBS) to further strengthen their co-operation and day-to-day working arrangements. Click for:

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