Goodhart hits out at current macro-prudential focus


There have been three banking crises in the UK in the last 50 years and each of them was primarily caused by exactly the same failing: excessive and unwise lending on real estate, especially for commercial property but also basic housing.

The crises happened during 1973–75, the fringe bank crisis; 1989–92; and 2008 and continuing. Banks Northern Rock and HBOS – which have both received heavy state support – were not involved in fancy proprietary trading. If the authorities and academics paid

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