The Credit Crisis and the Constitution

Julia Black

in The Regulatory State

Published in print December 2010 | ISBN: 9780199593170
Published online January 2011 | e-ISBN: 9780191595660 | DOI:
The Credit Crisis and the Constitution

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During the period June 2007 to October 2008, assets in financial institutions in the US lost $1,580bn in value, in the UK £122bn, and across the EU €784.6bn. The credit markets literally closed, banks were collapsing like cards, and international capital flows went into reverse as overseas investors repatriated their money as quickly as possible. After briefly outlining the pre-existing structure of UK financial regulation, this chapter focuses on the UK's response to the crisis as it unfolded and on some of the innovations, formalizations, realignments in the regulatory landscape prompted by the crisis. It draws attention to the importance of understanding the dynamics of the interrelationships between bodies operating within ‘extended executive’. It assesses the scrutinizing and validating role played by Parliament. Finally, it examines some of the implications of the tensions between globalizing financial markets, international regulatory harmonization, and national bank rescues.

Keywords: UK financial regulation; financial policy; financial markets; globalization; bank rescues; international regulatory harmonization

Chapter.  18980 words. 

Subjects: Constitutional and Administrative Law

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