Openness beats fragmentation - speech by Andrew Bailey

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In this speech Andrew Bailey describes the benefits of openness and the risks posed by fragmentation for the world economy and financial stability. He talks about the role global standards play in supporting financial openness and outlines the value of co-operation and co-ordination in pursuit of the common goal of financial stability.

  • 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