External supervision enhances governance: IMF

A new paper from the International Monetary Fund finds that the likelihood of establishing adequate governance arrangements is higher when the supervisor is located outside the central bank.

"Since integrated supervisors are typically entirely new agencies established from scratch, their creation seems to give policymakers the opportunity to devote more attention to the design of appropriate governance arrangements," conclude the authors, Donato Masciandaro, Marc Quintyn and Michael Taylor, who

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