King: no need for international framework

Author: Edward Price | Published: 1 Dec 2016

Former Bank of England (BoE) governor Lord Mervyn King has questioned the need for internationally-derived bank regulation, arguing that the scale and complexity of the task mean that national authorities are set to drive the world of regulation from now on.

"We don’t need international frameworks, countries can set their own," he told delegates at The Clearing House annual conference in New York City, on Tuesday 29 November.

"If you start with the desirability of an internationally-agreed framework it sounds like a jolly good thing, but is it?," he added, speaking of post-crisis bank regulation.

King also addressed the June 23 Brexit referendum in the UK, expressing confidence that the country will exit the EU despite recent legal wrangling – and thereafter do well economically.

One of the world’s key policymakers in place during the crisis of 2008, he’s spent his time since leaving the BoE engaged in a deep...