In the European Union, the Eighth Directive and other initiatives were undertaken in recognition of the important role of audit oversight authorities. These initiatives seek to strengthen accounting standards, internal controls, and transparency.
He also talked about the difference between a central bank’s role in ensuring financial stability in crisis times vis-a-vis during normal period. The recent trends in arrangements for financial stability giving increased responsibility for both systemic oversight and prudential regulation to central banks and institutionalisation of collegial arrangements are seen as important.