The former type of supervision is the responsibility of DNB; the latter is the remit of the Dutch conduct of business supervisor, the Authority for the Financial Markets. Consequently, our institutional set-up leads to a transparent consideration of prudential interests on the one hand and conduct of business interests on the other. Let me give a clear example to illustrate this point.
In this respect, there is no major difference between the ECB and the Fed. The Fed reports regularly on US regional developments in its Beige Book. 2  BIS Review 34/2001  The fundamental difference between the euro area and the US concerns market flexibility and economic stability.