The heads of relevant ministries, central banks, financial supervisory authorities and resolution authorities in the Nordic countries and the Baltic States, have signed a Memorandum of Understanding (MoU) on cooperation and coordination on cross-border financial stability.
The Nordic countries and the Baltic States 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 relevant Nordic and Baltic ministries, central banks and financial supervisory authorities, signed in 2010. The MoU is not legally binding.
The MoU is available on the Bank of Finland website, at https://www.suomenpankki.fi/en/financial-stability/international-cooperation/memoranda-of-understanding.