BIS Review 44/2004  1  These directives supplement those, also recent, on the supervision of conglomerates operating in the banking, financial and insurance sectors and on the prevention of market abuse. The supervision of banking systems is institutionally embodied in national legislation. In order for it to be efficient and, above all, effective, it must be performed close to the intermediaries concerned.
I consider this a remarkable achievement. Following its review of economic developments, the Governing Council settled a number of organisational issues. i. ii. iii. iv. It adopted the Rules of Procedure of the European Central Bank.