 A Severe Test for London as World Financial CentreAlessandro Roselli Chapter 13 in Financial Structures and Regulation: A Comparison of Crises in the UK, USA and Italy, 2012, pp 195-212 from Palgrave Macmillan Abstract: Abstract The secondary banking crisis of the early 1970s highlighted the fact that it is difficult to move away from an oligopolistic structure characterized by cartel agreements and self-regulation towards a liberalized and more competition-driven system without closer supervision by the regulatory authorities. Standards of risk management, control and care within individual credit institutions were not good enough to face the impending crisis in a tightened monetary policy environment, and supervision failed to detect these shortcomings. Competition and innovation may foster efficiency, but in the short run they may cause crises by exposing the inefficiencies that protection had previously concealed. After the secondary banking crisis, and before the most recent turmoil, four important crises occurred, and other pieces of legislation were adopted in reaction to them. The most important was the Financial Services and Markets Act of 2000, which will be considered in greater detail. Keywords: Monetary Policy; Central Bank; Financial Service; Pension Fund; Small Bank (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-34666-6_13 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan |
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