Carney says reciprocity ‘central feature’ in ESRB framework for spillovers
Framework for assessing and managing them will be operational ‘early next year’
Mark Carney stressed the importance of "reciprocity" in domestic policies in Europe today (December 7), noting that, in its absence, regulatory arbitrage can develop.
Carney was appearing before the Economic and Monetary Affairs Committee in his capacity as first vice chair of the European Systemic Risk Board (ESRB) – the body responsible for macro-prudential oversight of the European Union financial system.
ESRB analysis in the area of residential real estate has found domestic policies are
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