Besides the commercial banks, finance companies, and savings and loan societies, we now oversee the life insurance companies, superannuation funds, and the micro credit schemes. The Central Bank also encourages the establishment of savings and loan societies to provide complementary financial services to those provided by the banks, finance companies and the existing Savings and Loan societies.
However, the European economy is more resilient to economic shocks than ever before. The process of European integration has decreased the likelihood of asymmetrical shocks. In particular, unwarranted monetary and exchange rate policies can no longer cause disturbances at the national level. What is more, the integration process has created a highly integrated economic area without a tendency for protectionist measures.