Daily Archives: June 7, 2011

Chris Giles

More trouble for the Bank of England’s  new macro-prudential baby, the interim Financial Policy Committee.

Yesterday, the International Monetary Fund warned the Bank not to lose sight of nitty-gritty supervision of banks in its infatuation with system-wide macroprudential tools. It urged the Bank to set “realistic goals” for the FPC.

Today, the Treasury select committee held its nose as it (just) approved one of the final two external members of the FPC and regarded the other as not sufficiently independent.

Its judgment on Michael Cohrs, former head of global banking at Deutsche Bank, members of Parliament fretted that he seemed unwilling to speak about his new role in public

We note the apparent reticence of Mr Cohrs about speaking out in speeches and statements about his work while on the FPC, and we would ask him to reconsider.