Europe’s financial regulators claim that Emu will not lead to significant changes in banking supervision. Although there are some signs that regulatory bodies are moving towards a European model of separating monetary policy responsibility from banking supervision, as evidenced by the UK government’s decision to remove supervisory responsibilities from the Bank of England, the official line is that this trend has nothing to do with European economic and monetary union. The challenges that Emu will bring to the regulatory community will be second-order ones; they will come about as a result of the changes that Emu will bring to the banking market itself.
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