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In response policymakers will take the first step towards a banking union: responsibility for supervision of the euro area's biggest banks is due to move from national authorities to the European Central Bank (ECB) in late 2014.
In the article, Brown rejected the "twin peaks" approach of dividing responsibility for supervision.
Bilateral relationships between home regulators (who have primary responsibility for supervision) and host regulators are generally healthy.
Mr. Weill, in a move that cemented his power at Citigroup, was given the corporate equivalent of the crown jewels: responsibility for supervision of all other operational lines at the bank and the all-important right to determine compensation packages for his managers.
Moreover, the Fed has responsibility for supervision and regulation of member banks and bank holding companies, as well as the duty under the Federal Reserve Act to preserve the integrity, efficiency and accessibility of the payment system.
CHMT members reported high levels of responsibility for supervision of facilities in the district.
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The E.C.B. has been entrusted with the responsibility for bank supervision.
The F.S.A was created in 1997 and responsibility for banking supervision was transferred from the Bank of England a year later.
They are also taking on more responsibility for the supervision of banks and the stability of financial systems.
However, the Conservative-led government has tried to blame the previous Labour government's policies for the credit crunch — in particular, its decision to take away the central bank's responsibility for banking supervision.
For example, German leaders like the conservative president of the Bundesbank, Jens Weidmann, have argued that Europe should go slowly in ceding responsibility for bank supervision to the European Central Bank.
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