AN IDEA BEATEN BY REALITY
Others, like the Bank of Italy’s director general, Lamberto Dini, have not yet come to terms with deregulation. Speaking at a conference in Geneva in May, Dini said: “In countries with a highly integrated financial services industry, considerable interest has emerged in functional (as opposed to institutional) supervision, under which a given activity is subject to the same controls, regardless of the financial institution involved. An alternative approach would be to maintain the separation between markets and intermediaries providing different services.
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