09 February 2018

New Memorandum of Understanding for financial stability in the Nordic and Baltic countries

Central Bank of Iceland

The relevant ministries, central banks, financial supervisory authorities and resolution authorities in the Nordic and Baltic countries, have signed a Memorandum of Understanding (MoU) on cooperation and coordination on cross-border financial stability.

The Nordic and Baltic countries have common financial stability interests stemming from potential systemic inter-linkages between their respective countries, justifying enhanced cooperation and coordination in maintaining financial stability.

An international setting that brings together the signatory parties of the Nordic-Baltic region is of great value in promoting financial stability in the area, and the parties will benefit from enhanced cooperation and coordination as outlined in the MoU.

The new MoU replaces the earlier agreement between the Nordic and Baltic relevant ministries, central banks and financial supervisory authorities, signed in 2010. The MoU is not legally binding.

See: Memorandum of understanding January 31, 2018.