Stability objective should drive financial policy, says BoE’s Bailey

Bank's Bailey says stability goal must not be swayed by “murky compromises with other objectives”

Andrew Bailey

Andrew Bailey, the executive director of banking and chief cashier at the Bank of England, on Monday called for a clear public policy objective for financial stability, drawing parallels to the adoption of low inflation as a source of stable growth in the 1970s.

"Our overriding objective must be to create a consensus of public opinion, which will enable financial stability to be embedded as a public policy objective in the same way that in the wake of the 1970s, low inflation came to be adopted

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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