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Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.
Includes the Aerial Warfare In Europe During World War II illustrations pack with over 180 maps, plans, and photos. Gen Henry H. “Hap.” Arnold, US Army Air Forces (AAF) Chief of Staff during World War II, maintained diaries for his several journeys to various meetings and conferences throughout the conflict. Volume 1 introduces Hap Arnold, the setting for five of his journeys, the diaries he kept, and evaluations of those journeys and their consequences. General Arnold’s travels brought him into strategy meetings and personal conversations with virtually all leaders of Allied forces as well as many AAF troops around the world. He recorded his impressions, feelings, and expectations in his diaries. Maj Gen John W. Huston, USAF, retired, has captured the essence of Henry H. Hap Arnold—the man, the officer, the AAF chief, and his mission. Volume 2 encompasses General Arnold’s final seven journeys and the diaries he kept therein.
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The prerogative powers of ministers include some of the most important functions of government, such as decisions on armed conflict and the conclusion of international treaties. This report describes how such powers have come to be delegated. It also concludes that they should be more closely regulated. It proposes that the government should prepare a list of all prerogative powers, which would be considered by a parliamentary committee. Appropriate legislation, with any required statutory safeguards, would then be put into place. A draft Bill is appended to the report.
Climate change is one of the biggest challenges facing the world today and requires an urgent response from Government, industry and the individual. This inquiry was triggered by the publication of the Stern Review on "The Economics of Climate Change" (2006, ISBN 9780102944204), which stressed the need to stabilise carbon emissions sooner rather than later, and warned of potentially catastrophic impacts if that was not achieved. The Review framed the climate change debate in terms of economic choices, and considered the use of economic tools such as environmental taxation and permit trading schemes as economically-efficient mechanisms for cutting emissions. This Report recommends that the Government give primary consideration to the use of economic tools in combating climate change: The Treasury's policies and action in this regard were the main focus of the inquiry. The report looks at work on this topic by the Treasury and other select committees. It then assesses the economics of the Stern Review, and examines the Government's approach to reducing emissions. Further sections cover emissions trading schemes, environmental taxes and adaptation (designed to counter the negative impacts caused by time lags in global and local ecosystems). The Committee calls for a twin track approach involving both adaptation and mitigation.
Recent months have seen a period of sustained turbulence and instability in global financial markets, with financial firms across the world affected. In Britain, the Northern Rock bank experienced a run on its deposits. The Government announced a review of the existing supervisory regime, including complex areas such as the legal framework for dealing with banks facing difficulties. This consultation document sets out the views of the Government, the Financial Services Authority (FSA) and the Bank of England, responding to a discussion paper "Banking reform - protecting depositors" (HM Treasury, October 2007, http://www.hm-treasury.gov.uk/media/6/3/consult_bankingreform111007.pdf). This paper also takes into consideration the Treasury Committee's report "The run on the Rock" (5th report session 2007-08, HC 56-I, ISBN 9780215038388). The Government proposes to bring forward legislation to address five key objectives: (1) strengthening the financial system - better risk and liquidity management by banks, and improvements in valuation and credit rating agencies; (2) reducing the likelihood of banks failing - strengthening the supervisory framework and changing framework for provision and disclosure of liquidity assistance; (3) reducing the impact of failing banks - a range of tools to resolve a failing bank, including accelerated transfer of business to a healthy bank, a "bridge bank", and a bespoke banking insolvency procedure; (4) effective compensation arrangements in which consumers have confidence - a potential increase to the compensation limit for deposits, changes to enable the Financial Services Compensation Scheme to make payments within one week of a bank failing; (5) strengthening the Bank of England and improving co-ordination between authorities - retaining the tripartite regime, but giving a statutory basis for the Bank of England's financial stability role, and ensuring better governance arrangement within the Bank, and improving international co-ordination regarding financial stability issues and early warnings on global financial risks.