Practical Issues in Preparing for Cross-Border Financial Crises

In a speech given this week to a workshop jointly organised by the UK tripartite authorities and the Financial Stability Forum, Sir John Gieve – Deputy Governor for Financial Stability – said that the current period of relative calm and economic stability was an opportunity to discuss the challenge that globalisation poses for handling and resolving financial crises.

Published on 16 November 2006

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”.

Press release