The RBA discards the option of "formalising the role" of the Council of Financial Regulators in its second submission to the Murray inquiry.In a survey of the utility of existing arrangements, the RBA kicks off: "The report acknowledged that 'legislation cannot be relied on to promote a culture of cooperation'." "Formalising CFR powers in statute could engender confusion with agencies' existing mandates," it cautioned."The lack of formal legislation related to cooperative arrangements should not be taken to imply an absence of structure and rigour in deliberative processes. "The CFR agencies have several standing working groups charged with progressing initiatives such as reforms to crisis management powers, financial market infrastructure oversight and cross-border coordination," the RBA submission said. "These working groups operate according to responsibilities agreed by the CFR and are accountable to it.    "The bank considers that current arrangements in this area are working well. "The CFR … is already established as a forum to ensure that there are appropriate coordination arrangements for responding to actual or potential instances of financial instability."