Stabilità monetaria e stabilità bancaria: due obiettivi per una banca centrale indipendente

MACIOCCO, CINZIA

1997-01-01

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Abstract

It is a common opinion that the Central Bank, when entrusted with supervision functions, might suffer from some loss of credibility because of th epotential weakening og the monetary action. in this paper we want to counterclaim that this loss of credibility does not depende on the concurrence of different responsibilities but, rather, on the way these responsibilities are characterised. In fact, if the supervision is explicited in terms of preventive measures and remedies, but leaves the Central Bank free of deciding on normative and operative aspects, the worries that the concurrence of the two responsibilities will eventually rebound on the monetary stability are noi justified.