Bailey speech: We must be alert to the pressure for fragmentation
Bank of England (BoE) Governor Andrew Bailey is speaking at the Central Bank of Ireland Financial System Conference, in Dublin, on Wednesday.
Key quotes
We must be alert to the pressure for fragmentation, both in the global economy and financial system.
Costs that go with such fragmentation are real and undesirable.
UK and Ireland agree on the pressing need for action to implement the financial stability board’s recommendations for enhancing the resilience of money market funds.
UK and Ireland are both committed to the review and, i believe, upgrade of the standards for managing risks in open-ended funds.
UK as international financial centre is a global public good, wrong to view it through lens of overdependence.
Rules do not need to be the same in all jurisdictions.
Market reaction
Bailey’s comments fail to have any impact on the Pound Sterling, as GBP/USD stays vulnerable near 1.2250, down 0.38% on the day.
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