Why not allow the new system of colleges of supervisors to bed down before making further reforms to the supervision of financial undertakings?
Colleges of supervisors and the new European Supervisory Authorities are complementary parts of a comprehensive supervisory reform. Colleges of supervisors are at the critical to effective supervision of cross-border financial groups in Europe, and are being introduced for all such groups. The European Supervisory Authorities will complement supervisory colleges by ensuring that supervisory standards in the EU are of the highest quality for all institutions by, for example, helping to develop a single rulebook for financial services regulation. They will also provide a mechanism for ensuring supervisory colleges are consistent for each cross border group, and will be able to arbitrate when there is a lack of agreement between home and host supervisors within colleges. .
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