Adair Turner, chairman of the UK's Financial Services Authority (FSA), in a speech today (July 24) criticised a regulatory "underlap" between the Bank of England and the FSA prior to the financial crisis, saying neither institution had been responsible for overall stability risks.
Turner also underlined flaws in the overall theory of economic stability, with regulators at the time believing that low and stable inflation was sufficient to maintain financial and economic stability. Rules on bank c
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