But the phrase “the constant and predominant aim shall be the welfare of the people as a whole” has become a guiding principle and underpins our mission to “serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy”.
The economics of financial regulation In considering regulatory philosophy, it is helpful to take a step back and reflect on why we regulate. So let me turn for a moment from philosophy to economics. We operate in a market economy.