Bank of England Governor Mark Carney unveiled plans to fuse BOE departments and integrate its monetary policy, financial stability, markets and supervision roles in the biggest overhaul of the institution this century.
A “radical reform agenda” is needed to mitigate risks to the global financial system, and the International Monetary Fund must do more to assess the dangers, Bank of England official Andrew Haldane said.
The Bank of England’s executive director for financial stability, Andrew Haldane, said the biggest global risk is a jump in bond yields that might happen for reasons beyond the unwinding of central-bank policy.
Bank of England official Andrew Haldane said lenders should change how they calculate performance-based pay for executives and end the “equity dictatorship” that pushes them into excessive risk taking.
U.K. government plans to insulate consumer banks from future crises should be toughened and show less “flexibility,” said Andrew Haldane, the Bank of England’s executive director for financial stability.