KNF and NBP need to merge – Central Bank head

Poland’s Central Bank (NBP) President Adam Glapiński said in Sejm, that it is necessary to merge the central bank with the Financial Supervision Authority (KNF) in order to create one macro-prudential supervisory body. “Micro-prudential supervision is of particular importance, as the effective functioning of the financial security network is only possible with close coordination and synergy between micro and macro-prudential supervision,” Glapiński explained.

According to him such merger would “improve market surveillance and increase the effectiveness of crisis prevention as “it would be easier and more effective to diagnose systemic risk,” he added.

Glapiński justified his stance by saying that in most of the EU member state micro-prudential supervision is one of the central banks’ tasks.

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