And we may be sure that in any case, the ingenuity and pragmatism that the Paris Club has demonstrated in its first fifty years, will continue to contribute to the development of the international financial system and its ability to deal with official sector debt difficulties. Thank you. BIS Review 57/2006  3
This might be linked to the need to preserve proper credit granting standards but might also create conflict in relation to the ECB’s objective as prudential supervisor. To conclude, I do not see the proposed conferral of tasks as being either a viable allocation of labour or legally tenable. Extraordinary supervisory action is warranted in times of crisis.