First, the conflict of interest regarding monetary policy and concentration of power is no longer relevant given the structure of the Eurosystem, since the introduction of the euro has implied an institutional separation between the monetary jurisdiction – the euro area – and the supervisory jurisdiction – domestically chartered institutions in individual countries.
Second, in a single currency area in which financial markets are increasingly integrated, swift and open communications among supervisors are of vital importance for crisis prevention and management. The dual nature of national central banks, which are at the same time both national institutions and part of the Eurosystem, might be a valuable asset when dealing with cross-border or area-wide issues.