If the supervisory agency is placed under the aegis of the Central Bank, it should share in these benefits of better funding, technical skills and independence. There are too many cases of supervisory bodies, outside Central Banks, failing in such respects.
For such reasons I do not believe that the case for separation, which has become stronger in developed countries, should be transposed also to developing countries". It is, however, necessary to recognize that there may be a variety of systems, even among developing countries.