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The MoU aims to enhance the practical arrangements for handling crises at the EU level and represents a contribution by banking supervisors and central banks towards meeting the recommendations made by the Economic and Financial Committee in its Report on financial crisis management, as endorsed by the ECOFIN Council.
The MoU consists of a set of principles and procedures for cross-border co-operation between banking supervisors and central banks in crisis situations. These principles and procedures deal specifically with the identification of the authorities responsible for crisis management, the required flows of information between all the involved authorities and the practical conditions for sharing information at the cross-border level. The MoU also provides for the setting-up of a logistical infrastructure to support the enhanced cross-border co-operation between authorities.
The MoU has entered into effect on 1 March 2003.
ECB press release
EFC report on financial crises management