Howard Davies On Tuesday, February 23rd, 2016

Deputy Governor of the Bank of England Howard Davies: The Brexit of UK Banking

When I became the head of banking supervision in the United Kingdom in the mid-1990s, my friends did not see it as a glamorous or exciting career move. Banking regulation was an obscure task, like cleaning More...

Howard Davies On Tuesday, December 22nd, 2015

Deputy Governor of the Bank of England Howard Davies: The Political Consequences of Financial Crises

I may not be the only finance professor who, when setting essay topics for his or her students, has resorted to a question along the following lines: “In your view, was the global financial crisis caused More...

Howard Davies On Monday, October 19th, 2015

Deputy Governor of the Bank of England Howard Davies: The Trouble With Financial Bubbles

 Very soon after the magnitude of the 2008 financial crisis became clear, a lively debate began about whether central banks and regulators could – and should – have done more to head it off. The traditional More...

Howard Davies On Tuesday, August 25th, 2015

Deputy Governor of the Bank of England Howard Davies: Central Bank Confidential

LONDON – In 1993, the economists Alberto Alesina and Larry Summers published a seminal paper that argued that central bank independence keeps inflation in check, with no adverse consequences for economic More...

Howard Davies On Friday, June 26th, 2015

Deputy Governor of the Bank of England Howard Davies: Is Financial Repression Here to Stay?

There are several definitions of financial repression – and the repressors and the repressed tend to see things differently. But what financial repression usually involves is keeping interest rates below their More...

Howard Davies On Wednesday, April 15th, 2015

Deputy Governor of the Bank of England Howard Davies: The Harm of Regulatory Disharmony

In the alphabet soup of institutions involved in the regulation of global financial markets, the FMLC – the Financial Markets Law Committee – is not very prominent. Given that it is based only in London, More...

Howard Davies On Thursday, February 26th, 2015

Deputy Governor of the Bank of England Howard Davies: Europe’s Chimerical Capital-Markets Union

 The eurozone’s survival is in doubt again, as Greece demands debt forgiveness and an end to austerity – or else. But, though Europe’s currency union is at risk, and its banking union remains at More...

Howard Davies On Tuesday, December 23rd, 2014

Deputy Governor of the Bank of England Howard Davies: The $4.3 Billion Shrug

– In November, the United Kingdom’s Financial Conduct Authority (FCA) announced a settlement in which six banks would be fined a total of $4.3 billion for manipulating the foreign-exchange market. More...

Howard Davies On Thursday, October 16th, 2014

Deputy Governor of the Bank of England Howard Davies: The Spider of Finance

– The global system of financial regulation is extraordinarily complex. Partly for that reason, it is little understood. In order to explain it to my students at Sciences Po in Paris, I have devised More...

Howard Davies On Monday, August 25th, 2014

Deputy Governor of the Bank of England Howard Davies: Europe’s Fitful Financial Integration

– The well-publicized troubles of Portugal’s Banco Espírito Santo this summer have reminded us that the eurozone’s financial problems are by no means resolved. There are, no doubt, idiosyncratic More...

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