Fallon calls for central banks to take charge
Responsibility for banking supervision must reside with central banks, insists a former UK government minister.
In his address at the Risk Europe 2008 conference in Stockholm on April 22, Michael Fallon, the Conservative member of parliament for Sevenoaks and a member of the UK’s Treasury Select Committee, said central banks – not politicians or other supervisory bodies – should lead public policy responses to financial crises.
“It is extremely dangerous to allow politicians to decide which banks, building societies or insurance companies should be rescued or allowed to fail,” said Fallon, a former
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