The ongoing financial crisis has revealed a number of weaknesses and gaps in financial supervision. Following a number of reports at both the international and national levels, regulatory authorities are pursuing an ambitious agenda aimed at remedying the weaknesses identified: a number of EU Member States are implementing or planning reforms of their national institutional frameworks, which also reflect lessons learned from the crisis.
In this context,this note describes the changes in the supervisory structures in the EU Member States, taking into account developments since the last review that was prepared at the end of 2006.1 The fi rst section reviews the main institutional arrangements for supervision across the EU Member States; Section 2 specifically assesses the involvement of national central banks (NCBs) in supervision; and Section 3 concludes. A detailed description of the main changes to Member States’ supervisory frameworks is presented in the annex.