Jon Cunliffe: Market-based finance - a macroprudential view

Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, at the Asset Management Derivatives Forum, Dana Point, California, 9 February 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

In 1849 Thomas Carlyle branded economics as the 'dismal science'. That was almost certainly unfair. But unfair or not, the tag has undeniably stuck fast; the public's perception of economists is that it is a gloomy profession.1

Central banking generally has picked up much of that gloomy reputation, along with a reputation for being pretty unintelligible - and occasionally deliberately so.

But within the profession of economists and the community of central bankers in the years since the financial crisis, the prize for gloominess, and perhaps for unintelligibility, probably goes to those of us charged with financial stability and what is now known as macroprudential policy.