Lord Adair Turner, the chairman of the Financial Services Authority, has warned macroprudential regulators against an overreliance on rules, urging them to take action as and when they see fit.
An animated Turner told an audience at Cass Business School on Wednesday evening: "Macroprudential policy cannot be limited to the extension or reform of rules which still remain static on a through-the-cycle basis. It needs also to include levers that can vary across the credit cycle."
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