Southern and eastern European central banks agree to work together on regulation

The framework, the brainchild of Bank of Greece governor Nicholas Garganas, was agreed by central bank representatives from Albania, Bulgaria, Cyprus, Greece, Macedonia, Romania and Serbia.

It draws on EU rules and on regulation set out by the Basel Committee on Banking Supervision.

The Bank of Greece said: “The envisaged new co-operation framework would help ensure a more structured form of co-operation and allow banking supervisors to cope more effectively with the increasingly complex banking

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