Norway becomes party to an agreement on cooperation with the EU on the exchange of information relating to financial stability
The Ministry of Finance, the Financial Supervisory Authority of Norway (Finanstilsynet) and Norges Bank have, together with their counterparts in Iceland and Liechtenstein, become parties to the Memorandum of Understanding on Cooperation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stability.
The EU Memorandum of Understanding was established in 2008. The EEA States became parties to the agreement on 10 June 2010, which implies that the agreement between the relevant ministries, supervisory authorities and central banks applies to the entire EEA.
The agreement is not legally binding, but is designed to ensure coordination and cooperation among the authorities in different countries that are involved in dealing with a cross-border financial crisis. Cooperation is to be strengthened in normal times to enhance the preparedness to deal with and resolve potential crises, and to deal with a crisis situation.
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