Fair value in foul weather


Andrew Haldane, an executive director of financial stability at the Bank of England, uses Macbeth's "fair is foul and foul is fair" paradox to illustrate the dilemma facing heads of state as they develop new accounting practices and regulation in financial markets.

"For some, ‘fair is foul' - the application of fair value principles risks exposing financial firms to the vagaries of markets, fog, filthy air and all. For others, ignoring the signals from financial market is itself foul and risks

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