·  First, the central bank has the responsibility for systemic stability anyway and not only when it assumes supervisory tasks. ·  Second, the conflict of aims alluded to would become apparent only in very rare cases when serious problems have already emerged. An efficiently functioning prudential supervision, however, would prevent this.
·  And, third, a potential conflict of aims cannot be settled more effectively by sharing responsibilities among different institutions. Essentially, in a specific situation it is a matter of weighing two important public goods, systemic stability and monetary stability.