Much current thinking about reform of financial regulation has centred on proposals to place macroeconomics at the heart of the regulatory process. The article examines the legislative and regulatory changes which would be needed to introduce macroeconomic regulation into the existing regulatory framework - in particular, which institutions would need to be given which responsibilities, and how regulatory powers and supervisory policies would have to change if a macroeconomic remit were to be added to the functions of the national regulators or the international bodies. The current proposals for the formation of international macroeconomic bodies, both at EU and at a global level, fall some way short of the establishment of international regulatory bodies. The article considers what the proposals, if carried through, could achieve, and conclude that empowered macroeconomic regulation, if it is to be conducted at all, will have to be conducted at the international level.


Key words

macroprudential policy, financial regulation, international institutions.



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