Bank of Finland’s Honkapohja advocates ‘cautious and gradual’ approach to deregulation

Seppo Honkapohja, Bank of Finland board member

Seppo Honkapohja, a Bank of Finland board member, believes a "cautious and gradual approach" to financial deregulations is "probably better than a big bang".

In his presentation today at an Emerging Markets Workshop in Helsinki, entitled Managing financial deregulation – lessons from the Nordic countries for China, Honkapohja recalled the "bad timing" of financial deregulation in Finland and Sweden, which "turned into a systemic banking, currency and economic crisis" in the 1990s.


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