EU supports regulatory role for central banks

The recent financial turmoil has underlined the importance of central banks' role in supervision, said Lorenzo Bini Smaghi, a member of the European Central Bank's executive board.

"In 2001, the eurosystem highlighted the importance of the role played by central banks in supervision," Bini Smaghi said. "The experience gained by central banks during the financial market turmoil confirms the fundamental appropriateness of the eurosystem's position, which is also shared across the Atlantic."

He

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