On 10 March, the US authorities closed Silicon Valley Bank (SVB) following massive deposit outflows from the bank the preceding day. The days and weeks that followed saw further bank failures, of [...]
There are not one, nor two, but three policy committees at the Bank of England. Their names describe their respective responsibilities: the Monetary Policy Committee (MPC), the Financial Policy Committee (FPC) and [...]
It has been argued that the institutional set-up for monetary and macroprudential policy in the UK is in need of reform (see Turner (2022) and Allen (2022)). Rather than having two policy [...]
The sharp reversal in the monetary policy stance in major advanced economies since the end of 2021 has had ripples far beyond their national borders. While the more than expected recent falls [...]
The great financial crisis of 2007-8 not only resulted in a recasting and tightening of the regulation of financial intermediaries, but also the introduction of a new arrow into the policymakers’ quiver [...]
Climate change represents a clear and present danger to the health and wellbeing of current and future generations. It is only natural that every unelected official who sets economic policy would reflect [...]
In the aftermath of the global financial crisis, countries established a new ‘macroprudential’ policy framework explicitly aimed at safeguarding the stability of the financial system as a whole. In parallel, they overhauled [...]
Ever since the Global Financial Crisis (GFC) tackling the ‘too-big-to-fail’ (TBTF) problem without having to rely on taxpayer-funded bailouts has been a regulatory priority. Consequently, complex resolution frameworks have been installed in [...]
Large scale asset purchase programmes by central banks have become a familiar part of the landscape in financial markets. There is a lot of attention on what assets central banks plan to [...]
Donald Kohn writes a response to the annex sent to the Treasury Select Committee from David Aikman on the topic of FPC accountability and specifically how to quantify its financial stability objective. [...]
