EU agrees to strengthen co-op, supervision in fight against financial crises
The European Union agreed on Friday to strengthen cross-border cooperation and supervision in the fight against financial crises. "We today signed a Memorandum of Understanding that will replace the corresponding MoU signed in 2005. This strengthens co-operation mechanisms around cross-border groups and commits all signatories to co-operate across border, both in normal times, and in crisis situations," Slovenian Finance Minister who chairs the informal meeting of EU finance ministers Andrej Bajuk told a press conference after the first-day meeting at Brdo pri Kranju in Slovenia. "The memorandum reflects the commitment of all EU authorities to deepen cooperation in concrete ways and to ensure that coordinated actions can be taken in cross-border financial crisis situations," Bajuk said, deeming it an important step forward to develop financial stability arrangements in the EU.
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