“ This agreement is specifically designed to facilitate the management and resolution of cross- border systemic crises, potentially affecting the stability of the financial sectors in their respective countries. The ultimate objective of such cooperation is safeguarding the smooth functioning of the financial system and minimizing overall costs of a crisis. ”
Summary
“MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN THEFINANCIAL SUPERVISORY AUTHORITIES, CENTRAL BANKS AND FINANCE MINISTRIES OF THE EUROPEAN UNIONON CROSS-BORDER FINANCIAL STABILITY 1 June 2008 — ATTACHMENT TO THE COMMON PRACTICAL GUIDELINES: EXAMPLE OF A VOLUNTARY SPECIFIC COOPERATION AGREEMENT”, is a work by . It explores elements such as crisis, cooperation and management.
Quotes from MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN THEFINANCIAL SUPERVISORY AUTHORITIES, CENTRAL BANKS AND FINANCE MINISTRIES OF THE EUROPEAN UNIONON CROSS-BORDER FINANCIAL STABILITY 1 June 2008… ()
“ The Parties recognise the different responsibilities of Financial Supervisory Authorities, Central Banks and Finance Ministries and their roles at different stages of a crisis. Depending on the nature and severity of the crisis, cooperation may therefore require the intervention of different Authorities. 10. The Parties recognise that certain crises may require international cooperation with authorities whose jurisdiction lies outside the countries involved. When needed, such cooperation will be agreed on a case by case basis. ”
“ The Parties agree that if any public resources are involved in solving the crisis, direct budgetary net costs should be shared among affected Member States on the basis of equitable and balanced criteria, which take into account the economic impact of the crisis in the countries affected and the framework of home and host countries’ supervisory powers. ”
