And, as these structures are relatively new, they should be allowed to demonstrate their functionality and to evolve over time rather than being subject to a quantum leap to a unified European supervisory agency. This is even more important as many key issues are not yet resolved yet, for example, the harmonisation of deposit insurance schemes or bankruptcy laws.
3  Conclusions  All this makes clear, that important challenges for monetary policy remain and they certainly will influence the future design of central banks. Arguably, the current design of central banks has been influenced by academic research more than that of any other public institution.