Alex Brazier: Market finance an financial stability - will the stretch cause a strain?
Speech by Mr Alex Brazier, Executive Director for Financial Stability Strategy and Risk of the Bank of England, at the Brevan Howard Centre for Financial Analysis, Imperial College Business School, London, 1 February 2018.
We've now passed the tenth anniversary of the onset of the global financial crisis; a crisis created by a fragile financial system out of a correction in the US housing market.
What could have been an economic downturn was turned into a disaster.
In this country alone, more than one million people lost their jobs. And the legacy of those effects lives on today in lower levels of national income. Looking back over the decade, the economic cost of the crisis has been equivalent to £20,000 per person in the UK.