Systemic risk regulators should direct policy not just give warnings, says HSBC's Haswell

Systemic risk bodies should provide "direction" for micro-prudential regulators, including on the setting of counter-cyclical capital ratios in order to maintain financial stability, according to Charles Haswell, group strategy and planning at HSBC.

Setting counter-cyclical capital ratios is a matter better suited to national systemic risk bodies - such as the planned US systemic risk council of regulators or the Bank of England's (BoE) existing Financial Stability Committee - rather than by

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