In response to the current financial crisis, many countries are considering reforms in their supervisory
regimes, while others, who went through a round of reforms before the crisis, are looking at the architecture
once again. This paper, based on updated information on 102 countries for the period 1998-2009 and
evaluating both the existing settings and the proposals of reform in the US and at the level of the EU,
addresses two crucial questions: Which are the main features ofthe reshaping of thesupervisory
architectures? Which is the role central banks are taking in the changing environment of the financial
supervision?