Macro-prudential rules must be reciprocated – Shafik
“Leakages” can reduce the effectiveness of macro-prudential policy
The effectiveness of macro-prudential policies could be undermined if countries do not reciprocate actions by regulators overseas, Bank of England (BoE) deputy governor Minouche Shafik said on October 24.
"There is mounting evidence that the effectiveness of macro-prudential policies may be affected by leakages across borders," Shafik told a conference jointly hosted by the BoE and Hong Kong Monetary Authority. She cited papers that find cross-border borrowing may increase when domestic policy
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