Germany, for example, did not give the central bank “lender of last resort” duties even after the Herstatt crisis, relying instead on prudential policy by financial supervisors to maintain financial stability. Japan has so far lacked any discussion of the ESCB and its emphasis on monetary and currency policy from the vantage point of prudential policy and banking supervision. This paper examines the roles that can be played by national-level financial supervisors in the European System of Central Banks in order to stimulate discussion on integrated prudential policy in the EU. ※前掲英訳論文※共著者： 山村延郎※第1、4、5章を中心に執筆
