resilient than most. for more details on this point, see edey, macroprudential supervision and the role of central banks, and ellis, macroprudential supervision : a suite of tools or a state of mind? bis central bankers ’ speeches in the end, of course, what counts is not the way financial stability policies are allocated to particular agencies but the quality of their implementation. and that of course remains the focus for the reserve bank, as well as for the wider body of financial regulators in australia and abroad. bis central bankers ’ speeches

cross - border cooperation and information - sharing with respect to the major cross - border banking groups in the eu should be further enhanced. in particular, we consider that the cross - border arrangements between supervisors and central banks for the major eu banking groups can be further strengthened also with a view to enhancing preparedness for crisis situations. indeed, the recent financial market turbulence, whilst being correctly weathered until now, has confirmed the need for effective information sharing not only between supervisors, but also between supervisors and central banks ( without supervisory responsibilities ). this is important given the key role of central banks in ensuring the orderly functioning of money markets, promoting the smooth operation of payment systems, and contributing to safeguarding financial stability. against this background, the eurosystem strongly supports the ecofin conclusions on the eu financial stability arrangements adopted in october 2007, whereby the council invites the commission to assess possible clarifications in the legal framework for the exchange of information between supervisory authorities, central banks and finance ministries. in this respect, it is also useful to enhance the cooperation between supervisors and central banks at the operational level. in particular, the involvement of central banks in the supervisory colleges for the major eu banking groups, whenever stress situations so require, is an important aspect. another important strand of work to improve cross - border supervision relates to the further extension of the scope and depth of cebs ’ s project on “ operational networking ” in order to establish a sufficiently integrated, practical framework for day - to - day supervisory cooperation and to identify and address possible obstacles in this respect. finally, the supervisory colleges for the major eu groups should be committed to playing a pioneering role in developing enhanced processes for cross - border supervision, for example by pursuing with particular intensity measures to foster the enhanced cross - border delegation of tasks and efforts to build up a common supervisory culture. conclusions let me conclude. i share the thrust of the eurofi ’ s assessment – as expressed in the title to this session – that simply maintaining the status quo in eu regulation and supervision is not a suitable option for the way forward. instead, cross - border convergence and cooperation will need to continue to be stepped up significantly to safeguard financial stability and foster further integration and competitiveness of the european financial market. the lamfalussy framework provides the right institutional setting in this respect. the present review of the institutional framework provides a unique opportunity for introducing measures to enhance its effectiveness, from the provision of strategic guidance and impetus for the pursuit of enhanced cross - border cooperation and convergence