Models of new national institutions in charge of  BIS Review 53/2002  1  supervising banks, financial markets and the insurance industry under one roof of a general financial service authority have gained some popularity among politicians. The merger of various supervisory fields, which have technically quite different tasks, is a highly ambitious and rather difficult organisational problem.
In the same way as with mergers in industry the advantages and disadvantages of these organisational forms will have to be assessed in the light of practical experience. Whatever reorganisation design is under debate, however, it is in any case of crucial importance to take a clear position about the role of the central bank.