The European Banking Authority has published recommendations on how to harmonise covered bond frameworks in the EU. The recommendations seek to ensure that only those financial instruments that comply with harmonised structural, credit risk and prudential standards can be branded as "covered bonds" and have access to special regulatory and capital treatment as provided in the current EU financial regulation. The EBA has proposed a three-step approach to meet this aim: (i) a newly developed covered bond framework which would provide a definition of the covered bond product; (ii) targeted amendments to provisions of the CRR on covered bonds; and (iii) stimulating voluntary convergence between national frameworks in specific areas by means of non-binding instruments.