Earlier this year, I outlined to the Committee our unitary organisational structure and I emphasised, in particular, how the Central Bank and Financial Regulator work closely together in response to the market turbulence. I don’t intend today to describe those arrangements again except to say that the structure continues to work very well and there continues to be the closest cooperation.
In the next hour, we will examine the reasoning for macroprudential policy from an international perspective, from a financial stability perspective, and from a theoretical perspective. We hope this will establish common grounds for the discussions we will have the rest of the day.