In my view, it was also wise to decide that the microprudential supervisory authorities, the BFC and the ISO(Insurance Supervision Office), which tomorrow become the BFIC (Banking, Finance and Insurance Commission), should remain separate from the central bank while strengthening their links with the Bank.
Finally, in a country where “bancassurance” groups are particularly well developed, the reform was complemented, I believe logically, by the planned merger of the BFC and the ISO. Where financial supervision is concerned, we must admit that there is no obvious model to follow. Thus, the arrangements still vary from one country to another, depending on the national institutional history.