BoE paper mulls tensions in PRA competition objective
Paul Fisher and Paul Grout argue a secondary competition objective can be made to work
The Prudential Regulation Authority’s (PRA) secondary objective to promote “effective competition” could pose a tension with its main stability objective, but this need not be the case, Paul Fisher and Paul Grout argue in a recent Bank of England working paper.
Fisher and Grout suggest the secondary objective plays a valuable role in forcing the PRA to co-operate with other regulatory agencies. Because acting on its primary mandate will likely impact on the work of others, it can be valuable to
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