Mr Bos, the Dutch Minister of Finance, is opposed to supervision of European cross-border financial institutions by the European Central Bank (ECB). “It isn’t an obvious task of the ECB to exercise this centralized supervision”, the minister has said in answer to parliamentary questions. He emphasized again that he does believe supervision should be concentrated in due course, but he had several reservations. His view is that an independent institution should be set up which will be accountable to national parliaments. The ECB is not such an institution. The minister also believes that there should be a reluctance to concentrate all financial responsibilities in the European Union in one place. EU treaties provide for the possibility to transfer supervisory tasks to the ECB. The minister warns that this only relates to banks, not to insurers.
Mr Bos would prefer to place the supervision with national institutions. The policy should be coordinated by a central European authority which would cooperate with the ECB (Het Financieele Dagblad dated 3 February 2009).