We should not compare today’s crisis to the previous one, says Paul Tucker, former Deputy Governor of Bank of England. And what central banks are doing is, according to him, not business as usual but they have a reason: a crisis threatening survival.
The global financial crisis was the catalyst for regulatory change in several areas of financial system. One of the reforms was to introduce macroprudential policy as necessarily complementing the existing microprudential supervision.
The main challenge for central banks and supervisory institutions, not only in the European Union but also in the world is to create, in the nearest future, appropriate regulations concerning digital currencies, such as Libra.
“If we were to only take into account the wishes of selected members of the Eurozone, we could act faster, but that is impossible,” says Ewald Nowotny, the Governor of the Austria’s central bank, OeNB.