These first include potential benefits from the sharing of information with regard to monetary policy, the supervision of banks and the oversight of payment systems. Second, central banks can draw on expertise in the field of financial stability analysis. Third, the institutional independence of central banks, with clearly defined rules of accountability, can positively contribute to the effective conduct of financial stability policies.
International institutions and fora like the International Monetary Fund or the Basel Committee on Banking Supervision in its Core Principles for Effective Banking Supervision clearly stress the advantages of an independent supervisor. Although the conduct of supervision will be a new task for the ECB, a wealth of experience is at hand in macroeconomic and financial stability matters.