Former central banker Paul Tucker is the chair of the Systemic Risk Council, a Fellow at the Harvard Kennedy School, and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State. 


Macro Prudential

What is macroprudential policy for? Making it safe for central bankers

BNM-BIS conference on “Financial systems and the real economy”, Kuala Lumpur, Malaysia

Most of the agenda is, rightly, devoted to the scientific study of interactions between the financial system and the macroeconomy, and to how policy might be able to provide a more secure base for private economic activity. I am going to step back from that to ask questions about the financial stability policy regimes that are emerging around the world. Do we even have clarity around what ‘macroprudential policy’ is for?


The Design and Governance of Financial Stability Regimes

A Challenge of Technical Know How, Democratic Accountability and International Coordination. 

The reforms made to financial regulation regimes around the world since the 2007–2009 crisis have been simultaneously even and uneven — even, in so far as there is a shared core of reforms to banking and some capital markets; uneven, in the extraordinary diversity in the architecture and purposes of national regimes to preserve financial stability. More