In addition, they naturally analyse developments at the macroprudential level extensively and consequently play a major role in the ESRB. However, wherever central banks are involved in financial supervision, it is imperative that this does not compromise their independence and their primary objective, which is to maintain price stability. 5.
Conclusion  Ladies and gentlemen There is no doubt that the regulatory and supervisory framework has to reflect the global nature of the financial system. Nonetheless, heterogeneous national structures make it imperative to maintain a certain degree of flexibility when reforming regulation and supervision.