Nuno Cassola, Christoffer Kok, Francesco Paolo Mongelli, 20 December 2019

In 2012, European leaders decided to establish a pan-European supervisory authority at the ECB, and in November 2014 direct banking supervision and an important role in financial stability were added to the monetary policy responsibilities of the central bank. This column examines what this has meant for the organisational structure of the ECB, asking why the decision was made, what the working arrangements of this enlarged ECB are, and what the similarities and synergies among these three functions are.

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