The debate about regulatory issues has attracted much attention recently by intensive discussions both at the national and the European level. At the national level the focus of the debate has been the future role of central banks in the process of prudential supervision of the banking system.
The issue most intensively discussed at the European level has been the question of a centralized versus a decentralized model of supervision. These debates reflect the active response of policy makers and the general public to developments in financial markets brought about, inter alia, by the process of European integration.