Indeed, the experience during the financial and sovereign debt crises has demonstrated the benefits of including banking supervision under the central bank’s purview. 8  BIS central bankers’ speeches  4.
Elements of a Banking Union  All the arguments I summed up above support the notion of having a supra-national, euro area wide supervisory authority.12 As I have argued, this would be beneficial in order to foster further financial integration, to deal with the high degree of connectivity between financial sectors across borders, and would break the close link between banks and their sovereigns.