Michael Cohrs says “it is clear (in hindsight) that the premise of ‘efficient’ market behaviour, the structure of the banking industry and the regulatory framework were unsuitable prior to 2008”. He acknowledges widespread criticism of the tripartite structure, saying “attention was myopically, and (as it happened) dangerously, focussed on individual institutions”. And “given its lack of levers, even when the Bank pointed out its growing concern about what was going on it had little effect”.
Published on
26 March 2012
Press release