FSA Davies - C bank supervision not more effective

GERMANY - Howard Davies, chairman of the new U.K. Financial Services Authority, late Wednesday rejected the view that supervision of the financial sector may be more effective if carried out by an independent central bank rather than a non-central-bank regulator.

"The argument has little or no validity in most developed economies, where the independence of non-central banks financial services regulators can be achieved - as, for example, in the U.K. - through legislation that draws an

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