ABSTRACT
Out of 50 countries responding to a 2010 International Monetary Fund survey, 31 countries including 19 emerging and 12 developed economies have at least the central bank in charge of banking supervision, which links them to the first and second models. Following the literature on credibility, independence can be seen as enhancing time consistency and accountability as a complement to independence, both as a counterpart and a guarantee of the latter. Instead, accountability is essential to avoid capture, including "self-capture", which would allow the supervisor to pursue bureaucratic objectives. In particular, the Financial Stability Board brings together national authorities responsible for financial stability in the main international financial centres, international financial institutions, international regulatory or supervisory bodies and expert committees of central banks. The actions of international institutions acting in the area of financial stability are not immediately applicable. Cooperation between national authorities can be organized in the two areas for which institution-building has been proposed.
