Reuters reported this week that the Hungarian government is investigating the Hungarian Central Bank for giving financial stability data--on banking activities--to the IMF. The charge is that data on banks constitutes a business secret. National resistance to cooperate and provide information is the key factor that killed off hopes that the European Banking Authority would be able to provide for financial stability in Europe. The same is true for hopes that the ECB, as a single banking supervisor, will be able to do a better job.
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