Broken glass - moving towards sustainable financial regulation - speech by Michael Cohrs

Speaking in Bristol today, Michael Cohrs – a Member of the Bank’s Financial Policy Committee (FPC) and a Non‑Executive Director of Court, the Bank’s governing body – surveys the progress of domestic and international regulators in reforming the financial system following the crisis, underlines the limitations of regulation, and highlights key challenges.
Published on 13 November 2012

While the objective of the FPC is to look at the entire financial system, Michael Cohrs notes that – partly due to the concentrated nature of British banking – for some of its first 18 months the Committee has found itself “straying occasionally into the microprudential sphere”. But he acknowledges that much of the work being done by the Bank on macroprudential regulation is unique in the global financial system and says that the Committee has learned a lot thus far. He is confident that macroprudential regulation will play an important role alongside microprudential regulation here and elsewhere.

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