It is not by chance that historically the first central banks were supervisors of commercial banks. The ECB will establish clear guiding principles and internal operating practices to ensure effective separation of monetary policy and financial supervision. Let me briefly elaborate. First, the ECB’s involvement in financial supervision has no bearing whatsoever on our primary objective of price stability.
It bears neither on the objective itself, which is statutory, nor on its quantified expression of inflation rates below, but close to, 2%. 2  BIS central bankers’ speeches  Second, a supervisory board will form the centre of gravity for the conduct of financial supervision.