BoE’s Breeden plots route to ‘third phase’ of global banking regulation
Regulators must now work on full co-operation, executive director says
Global banking regulation is inching towards a “third phase”, where regulators co-operate fully with one another, according to Sarah Breeden, the Bank of England’s acting executive director for international banks.
In a speech given at the Harvard Law School on March 22, Breeden argued pre-crisis banking regulation had been fragmented, with regulators focused on local risks and often oblivious to the risks domestic banks were taking overseas. This moved to “balkanisation” after 2008, she said
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