Further, an independent Financial Policy Committee at the Bank, chaired by Governor, Bank of England has been set up having the tools and the responsibility to look across the economy at the macro issues that may threaten economic and financial stability and take effective action in response. Of course this new arrangement may come into being only in 2013. Regulatory initiatives 9.
Globally, various initiatives to reform financial sector regulation, the New Normal, have been spearheaded by G-20 with the Financial Stability Board (FSB) assuming the role of the oversight agency. There is greater appreciation for adherence to Basel Core Principles and openness to peer reviews. 10.