Systemic risk regulators should direct policy not just give warnings, says HSBC's Haswell
Past experience suggests the new financial stability bodies should direct regulatory policies, not just warn about instability
Systemic risk bodies should provide "direction" for micro-prudential regulators, including on the setting of counter-cyclical capital ratios in order to maintain financial stability, according to Charles Haswell, group strategy and planning at HSBC.
Setting counter-cyclical capital ratios is a matter better suited to national systemic risk bodies - such as the planned US systemic risk council of regulators or the Bank of England's (BoE) existing Financial Stability Committee - rather than by
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