Memorandum of Understanding on co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stabilitywas signed, and one of the issues is the creation of so-called "Cross-Border Stability Groups:
5. The cooperation at a cross-border level can be enhanced further by the establishment of Cross-Border Stability Groups to focus on the issues relating to potential problems in specific firms, markets or infrastructures that are significant for all members of the group.Now, almost one year later, I read in a draft Key Issues Paper for the Ecofin Council as a contribution to the Spring European Council, as prepared by the Economic Policy Committee and the Economic and Financial Committee (PDF) the following sentence:
[T]he establishment of "Cross-Border Stability Groups" among relevant Member States is important for ensuring effective cooperative arrangements among authorities, both in the short and longer term.Does this mean that in one year nothing has happened? If this is such an important element that it was among the 11 lines of the MoU of 2008, why is there nothing but one sentence in a 14 page document of 2009?
I know that this just a minor issue, but its one of these many issues that take years and years, keep diplomats, administrators and ministers discussing but which in fact never develop.
Waste of time. Political deliberation for the sake of political deliberation. Lack of follow-up, lack of speed, lack of consistency.