This Special Paper is a collection of the contributions to the one day conference on Prompt Corrective Action & Cross Border Supervisory Issues In Europe which took place on 20 November 2006 at the Financial Markets Group, London School of Economics. This conference was part of the Regulation and Financial Stability Workshops organised with the support of the Economic and Social Research Council (RES-451-25-4005 and RES-165-25- 0026). Building on the established FMG London Financial Regulation seminar series, which has run since 1999, the ultimate purpose of the workshops was to clarify the principles on which financial regulation should be based, and to advance practical proposals for improving the organisation and conduct of such regulation. In 2006 four workshops were organised in the context of this series:
• The Legal Foundations of International Monetary Stability, 27-28 April.
• Financial Stability: Theory and Applications, 18-19 May.
• Financial Regulation and Payments Systems, 28 September.
• Prompt Corrective Action & Cross Border Supervisory Issues In Europe, 20 November.
