Bankers with Borders
Bank regulators in the US and the UK are determined to require foreign banks to establish local, separately capitalized subsidiaries, in order to avoid being left holding the bill when parent banks' local losses pile up. But there is a risk that these interventions are the thin end of a dangerous wedge for the global economy.
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LONDON – When Mark Carney replaces Mervyn King as Governor of the Bank of England in July 2013, the world will be deprived of King’s witty public utterances. My personal favorite came when, commenting on strong retail-sales figures during one Christmas period, he cast doubt on their significance for assessing the state of the economy. “The true meaning of the story of Christmas” he solemnly intoned, “will not be revealed until Easter, or possibly much later.” A new career on the stage, or in the pulpit, surely beckons.