LONDON (Reuters) – The cost of the 2008 global financial crisis (GFC) should not be forgotten during a backlash against the burden of financial regulation, Bank of England Governor Andrew Bailey said on Tuesday.
“There is a reaction taking place against regulation, and the responses to the GFC. We must not forget the lasting damage done by the GFC. There is no trade off between economic growth and financial stability,” Bailey said in a speech at the London campus of the Chicago Booth business school.
However, Bailey said more regulation was not the only option to tackle financial risks and highlighted the BoE’s development of a new liquidity facility for non-bank financial firms and its recommendation for improved clearing of gilt repo transactions.
(Reporting by William Schomberg, writing by David Milliken, editing by Andy Bruce)
Comments