BoE's Carney on Brexit: BoE isn't hoping for best, is preparing for worst
|Below are some key takeaways, via Reuters, from the prepared speech delivered by Bank of England Governor Mark Carney to the Economic Club of New York.
- BoE focusing on possible consequences for financial system of disorderly cliff-edge Brexit, however unlikely that may be.
- In preparing for Brexit outcomes, BoE isn't hoping for best, is preparing for worst.
- UK bank stress tests last year included wide range of risks and losses that could be associated with Brexit.
- EU has made only limited progress in addressing contract continuity after Brexit, UK has made considerable progress.
- Rregulators need to tailor, not taper global financial regulation and not compromise overall system resilience.
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