Sunday, 4 January 2009

In one place...

The FT reports that The European Central Bank could be given significant extra powers as part of measures to boost eurozone bank supervision, its vice-president has proposed. I don't know whether the ECB has the resources to do this job, but otherwise it seems a good idea.

Certainly other arrangements have proved flawed. The SEC's CSE regime worked much less well than FED regulation. So one regulatory framework is a good idea. The separation between the Bank of England (lender of last resort) and the FSA (supervisor) worked badly in the case of Northern Rock. So uniting those roles is a good idea too.

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