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A Severe Test for London as World Financial Centre

In: Financial Structures and Regulation: A Comparison of Crises in the UK, USA and Italy

Author

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  • Alessandro Roselli

Abstract

The secondary banking crisis of the early 1970s highlighted the fact that it is difficult to move away from an oligopolistic structure characterized by cartel agreements and self-regulation towards a liberalized and more competition-driven system without closer supervision by the regulatory authorities. Standards of risk management, control and care within individual credit institutions were not good enough to face the impending crisis in a tightened monetary policy environment, and supervision failed to detect these shortcomings. Competition and innovation may foster efficiency, but in the short run they may cause crises by exposing the inefficiencies that protection had previously concealed. After the secondary banking crisis, and before the most recent turmoil, four important crises occurred, and other pieces of legislation were adopted in reaction to them. The most important was the Financial Services and Markets Act of 2000, which will be considered in greater detail.

Suggested Citation

  • Alessandro Roselli, 2012. "A Severe Test for London as World Financial Centre," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Financial Structures and Regulation: A Comparison of Crises in the UK, USA and Italy, chapter 13, pages 195-212, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-34666-6_13
    DOI: 10.1057/9780230346666_13
    as

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