Updated agreement on crisis management, preparedness and supervision in the EU

Date 22/07/2010

The authorities with responsibility for financial stability in Iceland, Liechtenstein and Norway have now signed the agreement on cooperation in the field of cross-border financial stability that was entered into by authorities in 27 EU countries in the summer of 2008.

 

Financial companies increasingly conduct operations across national borders. It is therefore important that authorities in different countries develop cooperation regarding crisis management, contingency planning and supervision.

 

The Riksbank welcomes the fact that Iceland, Liechtenstein and Norway are now parties to the agreement. The involvement of the authorities in these three countries will facilitate the development of joint European arrangements for financial stability and broaden the base for cross-border cooperation in normal times as well as in times of financial crisis.

 

An agreement has been in place between all the central banks, supervisory authorities and finance ministries in the EU since 2008. The agreement is not legally binding but aims to establish principles and practical arrangements for cooperation between the authorities in connection with the management of cross-border financial crises.