UK Financial Reforms: Bank of England 2.0

14 Pages Posted: 6 Feb 2017

See all articles by Claude Lopez

Claude Lopez

Reserve Bank of Australia

Elham Saeidinezhad

Milken Institute

Date Written: December 5, 2016

Abstract

A few months ago, we produced a timetable for the implementation of U.S. financial reform under the Dodd-Frank Act. One of the main observations was that the legislation did little to consolidate regulation outside of banking. In contrast, the analogous UK reform legislation, the Financial Services Act, made the Bank of England (BoE) the center of UK financial and monetary stability. A 2016 amendment confirmed and strengthened the bank’s role.

This paper establishes a timeline summarizing the status of financial regulatory reform in the UK. It then identifies some of the forthcoming difficulties, including Brexit and the recent evolution of macroprudential policies among developed countries.

Keywords: UK financial regulation, macroprudential policy, systemic risk

JEL Classification: E6, F5, G1

Suggested Citation

Lopez, Claude and Saeidinezhad, Elham, UK Financial Reforms: Bank of England 2.0 (December 5, 2016). Available at SSRN: https://ssrn.com/abstract=2911914 or http://dx.doi.org/10.2139/ssrn.2911914

Claude Lopez (Contact Author)

Reserve Bank of Australia

65, Martin Place
Sydney, NSW 2000
Australia

Elham Saeidinezhad

Milken Institute ( email )

1250 Fourth Street
Santa Monica, CA 90401
United States

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