Others argue that monetary policy should remain focused on inflation and that the task of financial stability should be given to a separate committee, although it is not self-evident whether this separate committee should  4  BIS central bankers’ speeches  be housed within the central bank or outside the central bank in a separate institution, as is the case in Sweden.
In South Africa, we have adopted a position similar to that of the Bank of England, where the responsibility for financial stability is given to the central bank overseen by a financial stability committee. This committee considers the stability of the financial system more broadly, rather than regulating and supervising individual banks.