The Court of Audit has conducted an exploratory study of the system to supervise the stability of financial markets (part of its Markets Supervision review)10. The purpose of the programme is to contribute to effective supervision and an adequate interpretation of ministerial responsibility. This first report deals with the supervision of the financial markets by the Dutch Central Bank and the structure of the supervisory system. The next report will deal with the manner in which the Dutch Central Bank exercises its supervisory role in practice.