Again, the structural differences in financial systems across the euro area mean that the financial stability task is more appropriately located at the national level, although communication and co-ordination across borders are increasingly important. Whereas all national central banks have a financial stability task, not all have direct competence in the field of prudential supervision.
The choice to delegate the supervisory task to the central bank is, of course, based on national circumstances and preferences. However, the important synergies between the financial stability and supervisory tasks should not be ignored. I will come back to this issue when I discuss the supervisory arrangements in the Netherlands.