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Governor of the Federal Reserve Board to speak on the future of financial regulation

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Click here to read a transcript of Dr Randall Kroszner's keynote speech, The Effect of Removing Geographic Restrictions on Banking in the United States: Lessons for Europe|

Dr Randall Kroszner, governor of the Federal Reserve Board, is one of the keynote speakers at The Future of Financial Regulation conference to be held at the London School of Economics and Political Science (LSE) on Thursday 6 and Friday 7 April.

Also speaking on the significant changes facing financial regulation will be Nick Le Pan, vice chairman of the Basel Committee on Banking Supervision and superintendent of Financial Institutions, Canada. This lecture on Friday 7 April will be chaired by LSE Director Howard Davies, previously chairman of the UK's Financial Services Authority.

The conference is being organised by Harald Benink, Jon Danielsson and Charles Goodhart of LSE's Financial Markets Group, and is sponsored by ABN AMRO, the Bank of England and the World Bank.

Professor Charles Goodhart said: "Financial regulation is undergoing significant change. As new regulations including Basel II enter force, financial stability has, once again, become an important focal point for discussion on the future of the financial system. The expected economic and policy implications of regulatory developments will frame the debate at The Future of Financial Regulation." These include:

  • governance of the regulatory decision making process. The Basel II process is determined by the G-10 industrialized countries, and the word "regulatory capture" has been used to describe the relationship between the Basel Committee and the largest banks. Are these concerns valid? Moreover, do smaller banks, smaller countries and emerging markets countries have sufficient input?
  • how will financial reforms impact upon emerging markets? Changes in financial regulations have the potential to level the playing field between emerging markets and industrialized countries, but the raising of the technical bar may also work as a barrier to entry for institutions that are not based in the largest financial centers.
  • financial regulation and financial stability. Financial regulations are inherently procyclical and, therefore, simultaneously stabilizing and destabilizing. Quantitative impact studies have shown that the final outcome from changes in regulations is much more uncertain than had been claimed by proponents. Are the benefits from new financial regulations higher than the costs, or not?

Download the programme at Download Programme <http://fmg.lse.ac.uk/upload_file/573_6&&Flyer.pdf|>

For more information and last minute changes please see http://fmg.lse.ac.uk|

Journalists wishing to reserve a place on the press list for the conference, please contact Maria Komninou, FMG, at 020 7955 7891, or email: m.komninou@lse.ac.uk| 

Press cuttings

International Herald Tribune
Fed official favors EU bank deals (7 Apr 06)
In a speech at LSE, Randall Kroszner, a governor of the US Federal Reserve Board, said that Europe should not let protectionism hamper the cross-border bank mergers, which could help boost economic growth and reduce unemployment. Also mentioned in American Banker.

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Fed Kroszner: warns against EU bank sector protectionism (7 Apr 06)
No direct link

Reuters
Diary - Federal Reserve Events (31 Mar 06)
Federal Reserve Board govenor Randall Kroszner speaks on "Cross-State Banking Integration in the U.S.: Lessons for Europe" before the London School of Economics Conference on Financial Regulation.

31 March 2006

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