Jon Cunliffe

Jon Cunliffe has been quoted 16 times. The one recent article where Jon Cunliffe has been quoted is BoE's Cunliffe says euro-denominated clearing should not be forced into euro zone. Most recently, Jon Cunliffe was quoted as having said, “In central clearing, in settlement, in payments if we wish to maintain the infrastructure to sustain an open and integrated global capital market, we will need to build upon the arrangements we have developed for supervisory cooperation and co-ordination.”.

Jon Cunliffe quotes

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This reduces the costs of central clearing - costs that are ultimately borne by the real economy - as well as allowing a more efficient and effective management of the risks that brings significant global financial stability benefits. Requiring each of these instruments to be cleared in the jurisdiction of the currency in which they are denominated would simply render multi-currency central-clearing impossible. Currency nationalism is not a necessary condition for either financial or monetary stability, as is demonstrated by international experience over recent decades.

In central clearing, in settlement, in payments if we wish to maintain the infrastructure to sustain an open and integrated global capital market, we will need to build upon the arrangements we have developed for supervisory cooperation and co-ordination.

This reduces the costs of central clearing - costs that are ultimately borne by the real economy - as well as allowing a more efficient and effective management of the risks that brings significant global financial stability benefits. Requiring each of these instruments to be cleared in the jurisdiction of the currency in which they are denominated would simply render multi-currency central-clearing impossible.

We've made very substantial progress since the financial crisis, increasing the resilience of the financial sector and increasing its ability to support the economy in times of stress both nationally and ...globally. Those changes were necessary. None of us want to see again the sorts of events we saw between 2007 and 2009 and the costs of those events are still very clear. One doesn't become successful as an international center by having lax standards and by being open to crises and regulatory arbitrage.

Ultimately, the outlook for business investment, like the outlook for the economy more generally over the forecast period, depends largely on how households and businesses react to Brexit and on the process that accompanies it.

And to the extent that the transition to whatever new arrangements will apply is not orderly and smooth, the costs and risks will be greater.

We remain vulnerable to the resumption of the rates of credit growth, driven by the housing market, seen in the 10-year upswing of the last cycle.

There is clearly at present a wide gap between banks' disappointing returns on the one side and investors' expectations on the other. This is reflected in current price to book ratios. This gap may need to be closed from both directions.

We have a range of tools at our disposal and should be ready to use them whichever risk materialises. If economic growth falters and pay and productivity remain stuck at current levels, then the healing story will become increasingly less convincing.

I think there is still mileage in the slow healing story. My central projection remains that the UK economy will continue to grow solidly and that inflation will return to target over the next few years.

The risks are a bit less now than they were in 2014 but you can see the market starting to move back again. The market is now coming back again so maybe some of those risks are becoming a little bit more prominent.

These new rules will mean that UK banks and building societies are more resilient to adverse shocks, enabling them to continue to lend to households and businesses even in times of stress.

If credit began to grow faster than GDP, I would want to think very seriously about taking action to manage that sooner rather than later.

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