9 The agencies recently issued a proposal to reduce further reporting requirements for small depository institutions in the first and third quarters of the year. Under the proposal, around 37 percent of data items would not be required in those quarters.
This is reflected in the fact that the Eurosystem is some ways more decentralised than the Fed. Greater decentralisation is consistent with the EU-wide principle of subsidiarity, under which decisions are taken at the country or regional level where possible. This greater degree of decentralisation is apparent in areas such as monetary policy decision-making and operation, banking supervision and statistics.