Taming international banks: Time for some new tricks? – speech by Sarah Breeden
23 March 2016
Given at the Guest Lecture Series on International Finance, Harvard Law School, Cambridge, Massachusetts
Some might compare international banks to lions. They have the potential to inflict great damage on others if not handled carefully. Our job as regulators is to tame these lions through our regulation and supervision – just like a lion tamer tames a lion.
Based on the experience of the last decade – a tumultuous one for the global economy and for the financial services sector in particular – our approach to taming these lions appears not to have worked terribly well. There were many underlying reasons for the global financial crisis. But the risks that came with international banking were certainly among them.
The full speech is available at http://www.bankofengland.co.uk/publications/Pages/speeches/2016/892.aspx