In favour of macro-prudential regulation

Regulators are determined to learn lessons from the financial crisis – and for many, the answer is to use macro-prudential regulation to help prevent the build-up of bubbles, and to stimulate growth during a slowdown. Andrew Haldane at the Bank of England outlines the reasons for this change

Andrew Haldane

Out of crisis springs opportunity. Out of this crisis has sprung the opportunity to conduct a wholly new approach to financial regulation – so-called macro-prudential regulation. At warp speed, this regulatory edifice has gone from architect’s drawing board to builder’s construction site.

New systemic risk agencies are emerging across the globe – the Financial Stability Oversight Council in the US, the European Systemic Risk Board (ESRB) in Europe and the Financial Policy Committee (FPC) in the

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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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