I would like to stress that also in the case that the organizational structure of the central bank was such that the tasks of monetary policy and supervision were operationally strictly separated, the transfer of such knowledge about the state of different financial market segments could be institutionalized quite easily.
•  A fifth argument is that the operational independence of the supervisory agency is important for effective supervision. Here, I refer to independence from political interference, and I have in mind situations in which local politics may have an interest in the avoiding bank resolutions for political reasons. This independence would be emphasized by allocating the supervisory responsibility to the central bank.