The consolidation of financial firms and globalisation of capital markets made it hard to think of a financial crisis that would not have major international repercussions. While many countries, including the UK, had improved their domestic arrangements for tackling problems, “… that level of progress has been less apparent on putting in place arrangements for handling and resolving cross-border crises …” where “… our machinery for cooperation has not kept pace with the internationalisation of markets”.
Published on
16 November 2006
Press release