Abstract
In this paper the authors note that, over the last decade, in many countries the financial supervisory functions that were once performed by central banks have been combined with those performed by other official agencies and/or self‐regulatory organizations to form a single financial services regulator. They consider three questions: (1) Why has this change occurred? (2) What role in supervision, if any, should the central bank continue to play? and (3) Do these organizational changes in financial supervision pose risks to financial stability?
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