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The EFR underlined that the financial turmoil strengthens the case for lead supervision and calls on the ECOFIN to include a European dimension in the mandates of supervisors. However, a regulatory overreaction to the financial turmoil should be avoided.
In a letter to the Council Presidency, the efr therefore calls to strengthen the Lamfalussy committees of supervisors so as to ensure a coherent implementation of EU legislation and guidelines and to develop common supervisory principles and practices. To stimulate the efficient functioning of empowered colleges, efr states that supervisors involved should be mandated to conclude MoUs and make use of voluntary delegation of tasks and responsibilities. The 3L3 committees should contribute by drafting standards and guidelines on supervisory cooperation within colleges and by promoting best practices.
Cross-border groups can only be supervised efficiently and effectively at consolidated group level, allowing an overall assessment of the true group situation and risk profile, efr states.