Wednesday, September 10, 2008

Steady Eddie (George) former BOE chief now telling us that UK is “fundamentally sound”

Ex BoE governor Eddie George says UK financial system is sound

Former Bank of England governor Edward George says the response to the Northern Rock crisis was well judged but further regulation risks strangling the financial system. In a new pamphlet from think tank Politeia titled Banking on Stability, Lord George explains what has happened to the financial world and what course is best to restore financial stability.According to the former governor, the official reaction to Northern Rock was well judged to calm the system without setting a dangerous precedent. He says the system itself has adjusted and is fundamentally sound but warns that further regulation risks throttling the system: “The buck, must stop with management and shareholders” he says.

Posted by jack c @ 02:37 PM (493 views)
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One thought on “Steady Eddie (George) former BOE chief now telling us that UK is “fundamentally sound”

  • The [email protected]@dy nerve of the man!

    His last chastening revelation to the Treasury sub-committee looking at the first ten years of the MPC was that ‘they’ knew that their policy of cheap credit would unleash an asset bubble of unprecedented proportions but that ‘they’ were happy that they would not be the ones tasked with sorting out the resulting mayhem.

    So thats OK then.

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