In the last few years, the relationship between supervision and central banking has evolved. Following the example of the UK, supervisory responsibilities have been allocated in some countries to independent authorities, separate from the central bank. In other countries, such as the...

Tommaso Padoa-Schioppa was a distinguished central banker and economist, a key player in the creation of Europe's single currency, a well-respected figure in international monetary policy-making and a former economy and finance minister of Italy.