Mark Carney: What a difference a decade makes

Remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the Institute of International Financ's Washington Policy Summit, the Reagan Centre, Washington DC, 20 April 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It's a pleasure to be back at the IIF's Washington Policy Summit.

Last time I spoke here (in 2011) it was still early in the international financial reform process. From the IIF's perspective at the time, there were three major concerns:

- The consistency of implementation across the G20;

- The possibility of significant regulatory arbitrage in shadow banking; and

- Whether the FSB/G20's ambitious agenda would impair the recovery.

Today, those debates have largely been settled.