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Part I Developments at the National Level, 3 Supervision, Regulation, and Financial Stability

Rosa María Lastra

From: International Financial and Monetary Law (2nd Edition)

Rosa Lastra

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 January 2023

Financial system — Monetary system — Monetary obligations — European Central Bank
A basic continuing responsibility of any central bank—and the principal reason for the establishing of the Federal Reserve—is to assure stable and smoothly functioning financial and payment systems. These are prerequisites for, and complementary to, the central bank’s responsibility for conducting monetary policy. …Historically, in fact, the ‘monetary’ functions were largely grafted onto the ‘supervisory’ functions, not the reverse.1 3.01 This chapter deals with supervision (macro and micro), regulation, and financial stability, considering issues of institutional...
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