New central bank policy mandates could cause vicious feedback loops

Tsuyoshi Oyama

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The UK’s new ‘twin peaks’ regulatory regime was made fully operational on April 1. It involved moving most of the prudential role of the former Financial Services Authority to the Bank of England (BoE) under a separate unit called the Prudential Regulation Authority; while a new Financial Conduct Authority will look after market conduct issues. This means the UK’s central bank now not only champions monetary policy but also macro-prudential, as well as most micro-prud

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