Bank’s Haldane moots structural change to recover social costs

andrew-haldane-bankofengland

Reform efforts must look beyond regulation and query the nature of the financial architecture if they are to cut the social cost of banking crises, a senior official at the Bank of England has said.

In a speech that owed as much to the natural sciences as economics, Andy Haldane, the executive director for financial stability at the Bank of England, noted that the banking industry's susceptibility to failure produced multi-trillion dollar negative externalities. "The banking industry is a pollut

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