(MENAFN) The European Central Bank's (ECB) President, Mario Draghi, announced that the EU's top banking supervisor will maintain monetary policy separated from financial supervision, reported Xinhua News.
Draghi said that the bank will set up clear guiding laws and internal operating practices to guarantee the effectiveness of the separation between monetary and financial supervision policies.
He added that the ECB, which has been granted broad powers of direct supervision of nearly 200 banks in the euro zone from early 2014, will establish a supervisory board for financial supervision.
Draghi noted that splitting monetary policy from financial supervision will particularly take the form of independent analysis and prescription for the use of policy tools for the two functions.
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