The operation of the Governing Council will be completely differentiated as  4  “The Council, acting by means of regulations in accordance with a special legislative procedure, may unanimously, and after consulting the European Parliament and the European Central Bank, confer specific tasks upon the European Central Bank concerning policies relating to the prudential supervision of credit institutions and other financial institutions with the exception of insurance undertakings.” (Art 127 (6) TFEU)  4  BIS central bankers’ speeches  regards monetary and supervisory functions.
Ladies and gentlemen, on behalf of the Board of Directors, Members of the Monetary Policy Committee, the staff of the Bank and my wife, I extend to you all and your families Happy Holidays. Thank you. God Bless You. BIS central bankers’ speeches  7