SUI RAPPORTI FRA POLITICA MONETARIA, REGOLAMENTAZIONE FINANZIARIA E VIGILANZA

The paper looks at the relationship between monetary policy and the regulation and supervision of the financial system which is conducted by monetary authorities. Two aspects of this relationship are discussed. The first is the process of internationalization that characterizes both policies. In this respect the conclusion is reached that the European monetary union is an important reason for accelerating and strengthening the harmonization and centralization of supervisory policies that are needed for a unified financial market using a single currency. The second aspect is the institutional link between the two policies. In particular: how far is the central bank to be involved in regulation and supervision? The paper proposes a definition and a theory of the independence of prudential policies, that parallels the theory of monetary policy autonomy. A clearer specification is also proposed of the different aims, responsibilities and kinds of prudential functions, and a careful allocation of those functions is suggested severely limiting the prudential activities of the central bank.