Maybe we just see the usual oscillation from one end of the spectrum to the other, meaning that after too much deregulation we now may see too much re-regulation, especially too much of uncoordinated regulation. But in any case, effective regulation needs effective supervision and there are valid economic arguments in favor of independent central banks taking on a larger role in banking supervision.
Njuguna Ndung’u: Kenya’s vision for a strong and accessible financial sector Remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, during the 2009 Alliance for Financial Inclusion (AFI) Global Policy Forum, Nairobi, 14 September 2009.