Extension of the 2008 Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stability to the non-EU EEA countries
The Belgian Presidency of the EU Council welcomes the extension of the 2008 Memorandum of Understanding on Co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stability to the authorities of the non-EU EEA countries Iceland, Liechtenstein and Norway.
In accordance with the stipulations of the 2008 MoU and at the invitation of the EU signing parties, the Memorandum of Understanding on co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stability was signed by the Financial Supervisory Authorities of Norway and Iceland, the Financial Market Authority of Liechtenstein, the Central Banks of Norway and Iceland, as well as the Ministries of Finance of Iceland, Liechtenstein and Norway and the Icelandic Ministry of Economic Affairs and entered into force on 10 June 2010.
The Memorandum, which is not legally binding, is designed to facilitate the emergence of practical arrangements for co-operation between the relevant national authorities involved in the management and resolution of cross border financial crises. The signature by Iceland, Liechtenstein and Norway of the Memorandum expresses the voluntary commitment of the parties to cooperate with the EU relevant authorities with a view to develop common arrangements for financial stability and to deepen co-operation on cross border issues both in normal times, in order to ensure preparedness for the management of a potential cross-border crisis situation, as well as in crisis situations.