Transcription of The Turner Review
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The Turner ReviewA regulatory response to the global banking crisisMarch 2009 The Turner ReviewMarch 20091 Introduction5 Actions required to create a stable and effective banking system7 Chapter 1: What went wrong? The global story: macro trends meet financial innovation (i) The growth of the financial (ii) Increasing leverage in several (iii) Changing forms of maturity transformation: the growth of shadow (iv) Misplaced reliance on sophisticated (v) Hard-wired procyclicality: ratings, triggers, margins and UK specific developments Global finance without global government.
2.9 Regulation of large complex banks: ’utility banking’ and ’investment banking’ 93 2.10 Regulation and supervision of cross-border banks 96 2.10 (i)Cross-border banks: the scope for and limits to increased international 96 cooperation 2.10 (ii)The European single market: more Europe or more national powers? 100
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