[4]: 45 The Groupe de Contact also produced studies that informed other policy processes, including at the global level through the Basel Committee.
Its role was to: As part of the so-called Lamfalussy process, the Commission adopted Decision 2004/5/EC of 5 November 2003, establishing the Committee (OJ L 3, 7.1.2004, p. 28.).
The Committee took up its duties on 1 January 2004, serving as an independent body for reflection, debate and advice of the Commission in the field of banking regulation and supervision.
While reviewing the functioning of the Lamfalussy process, the Council invited the Commission to clarify the role of the Committees of Supervisors and consider all different options to strengthen the working of those Committees, without unbalancing the current institutional structure or reducing the accountability of supervisors (Council Conclusions 15698/07 of 4 December 2007).
The Council noted that specific tasks could be explicitly given to the Committees to foster supervisory cooperation and convergence, and their role in assessing risks to financial stability.