The Brexit of UK Banking
One of Prime Minister David Cameron’s four major demands of the EU is a national derogation from elements of the uniform rule book which the ECB is seeking to introduce in the eurozone to ensure a consistent approach across countries. Differences in financial structure between the UK and Europe make that an understandable choice.
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LONDON – When I became the head of banking supervision in the United Kingdom in the mid-1990s, my friends did not see it as a glamorous or exciting career move. Banking regulation was an obscure task, like cleaning sewers: essential, perhaps, but hardly front-page news. Expressions of curiosity about how I spent my working hours were typically a sign of friendly politeness rather than genuine interest.