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Bank of England’s Carney on Brexit and beyond

Bank of England Governor Mark Carney on the high road to a responsible, open financial system, and implications for the UK financial services sector.

On Friday, Bank of England Governor Mark Carney came to Thomson Reuters offices in London for a special Reuters Newsmaker to discuss financial globalization, the far-reaching implications of Brexit, monetary policy and United States regulation.

Governor Carney, who relocated to London in 2013 from Canada to take over the role of Governor of the Bank of England, has committed to remaining in his role until June of 2019, seeing through the Brexit negotiations and formal departure from the EU.

Below are selected excerpts from Governor Carney’s speech. (You can watch the full speech, plus Q&A moderated by Reuters Global Editor Alessandra Galloni, here).

Brexit as a litmus test for responsible financial globalization

“The UK and EU have the potential to create the template for trade in financial services – one that leverages the tremendous progress at the G20 level that has been made in recent years building resilience and cooperation. But financial services are only part of a much broader negotiation. Given our responsibilities to promote financial stability, the Bank – like its counterparts on the continent – must plan, purely as a precaution, for all eventualities.”

Brexit’s impact on the global financial system

“The outcome of the Brexit negotiations could prove highly influential in determining which path the global financial system takes.

In that context, and fully consistent with the priorities of Her Majesty’s government, the Bank of England will work to build a responsible open financial system, that first protects and serves the UK real economy, and then secures the UK’s traditional role of supporting global prosperity.”

Trump administration’s approach to regulation

“I’d be very wary of interpreting anything that the U.S. administration does as a rollback of regulation, of a turning inwards, of a fragmentation. And I think that we have the mechanisms at the FSB, at the G20, to work together to avoid misinterpretation.”

London as a financial center

“There are tremendous, tremendous advantages of being part of the world’s leading financial system, unfortunately there will be some costs in terms of contingency planning for the full range of activities but in my view would be extreme to take precipitate action given the two jurisdictions.”

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