RTTNews - The U.K. seems to be well ahead of the U.S. and most Euroarea governments in the field of providing banks capital and disclosing their real situation, Adam Posen, the newest member of the Bank of England's Monetary Policy Committee said Treasury Committee on Tuesday. His will join as MPC member in September.
Posen finds significant issues regarding the governance of the Bank of England with respect to financial regulation and supervision, which affects monetary policy.
He added failures on the financial stability side were not the result of inflation targeting or of central bank independence. The rise of the bubbles were due to regulatory and supervisory failures with structural factors that are not entirely under U.K. policymakers' control.
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