BoE’s Forbes says financial ‘deglobalisation’ has upside

Kristin Forbes
Kristin Forbes

A "massive contraction" in global bank flows is driving a process of "financial deglobalisation", with far-reaching implications for the UK economy, according to Kristin Forbes, a member of the Bank of England's (BoE) monetary policy committee.

During a speech at Queen Mary's University in London on November 18, Forbes said financial markets in recent years have shown a marked decrease in their cross-border integration, with declining bank flows the main "culprit".

Forbes drew a distinction betw

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