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The institutional structure of macroprudential policy in the UK

Record Type:	Electronic resources : Monograph/item
Title/Author:	The institutional structure of macroprudential policy in the UKby Kosmas Kaprinis.
Author:	Kaprinis, Kosmas.
Published:	Cham :Springer International Publishing :2023.
Description:	xv, 188 p. :ill., digital ;24 cm.
Contained By:	Springer Nature eBook
Subject:	Monetary policyHistory21st century.Great Britain
Subject:	Great BritainEconomic policy1979-1997.
Online resource:	https://doi.org/10.1007/978-3-031-33576-1
ISBN:	9783031335761$q(electronic bk.)

The institutional structure of macroprudential policy in the UK
Kaprinis, Kosmas.

The institutional structure of macroprudential policy in the UK[electronic resource] /by Kosmas Kaprinis. - Cham :Springer International Publishing :2023. - xv, 188 p. :ill., digital ;24 cm. - Studies in european economic law and regulation,v. 262214-2045 ;. - Studies in european economic law and regulation,v. 26..

Introduction -- The Crisis Impact on the UK Economy -- The Macroprudential Shift: A Policy Pillar in the Making -- The Political Economy of MPP: Delegation and Accountability -- FPC: The Institutional Framework -- Transparency Requirements of the FPC -- The NEDs as Guardians of Public Interest -- The Role of the Treasury Select Committee -- The Limits of Judicial Review as an Accountability Mechanism -- International Bodies as Extra-Legal Accountability Mechanisms -- Epilogue: The First Decade of the FPC.

Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.

ISBN: 9783031335761$q(electronic bk.)

Standard No.: 10.1007/978-3-031-33576-1doiSubjects--Topical Terms:

956226
Monetary policy
--History--Great Britain--21st century.Subjects--Geographical Terms:

381151
Great Britain
--Economic policy--1979-1997.

LC Class. No.: HG939.5

Dewey Class. No.: 338.94100905

The institutional structure of macroprudential policy in the UK
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520 $a Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.
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