Jon Cunliffe: Governance of financial globalisation

Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, at the German Economic Council Annual Finance Conference, Berlin, 11 February 2020.

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

Thank you for inviting me to address you today.

It is now nearly two weeks since the UK left the European Union. Our status as a non-member of the EU, what is called a 'third country', is now quite clear.

The future relationship between the UK and the EU, of course, is not yet fixed. It will depend on the outcomes of the negotiation that has now commenced.

Those negotiations are for the UK government and the EU authorities and member states. Our job as the Bank of England is to deliver monetary and financial stability within the mandates that are set for us. So I will not - and indeed I could not - talk today about the trade negotiations or hazard guesses about the outcome.

But while we are not responsible for trade negotiations and while all decisions about the future relationship are for governments, the governance of the UK's financial links with the rest of the world, the EU included, is important to us given our responsibility for financial stability in the UK.