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Financial Stability Board: Nordic Experience Of Cooperation On Cross-Border Regulation And Crisis Resolution

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This report from the Regional Consultative Group (RCG) for Europe considers the experience of cross-border regulation and crisis resolution in the Nordic countries. It finds that he Nordic banking system is highly integrated and may provide an example of how cross-border banks may influence the interaction between national authorities. The merger of four large national banks into the Nordea bank in 2001 led to a phase of enhanced cooperation on cross-border regulation and crisis resolution among the Nordic central banks and supervisory authorities. Several Nordic Memoranda of Understanding (MOU) on financial stability were completed in the following years. A broader MoU focusing on crisis management and also including the ministries of finance was signed after the 2008 crisis based on the then agreed European Union MoU for cross-border banking groups. The implementation of the Basel III framework subsequently led to enhanced cooperation on reciprocity arrangements.

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