Governance of the global financial system is becoming harder, and regulators must work to ensure they protect hard-won regulatory improvements, Jon Cunliffe said today (February 11).

The Bank of England deputy noted that while there was a flurry of regulatory action after 2008, the momentum has since faded. Furthermore, the “circle of players” has grown, he told the German Economic Council in Berlin. Governance changes were previously dominated by a small group of rich nations, but the rise of