Jump to ContentJump to Main Navigation
The Regulatory StateConstitutional Implications$
Users without a subscription are not able to see the full content.

Dawn Oliver, Tony Prosser, and Richard Rawlings

Print publication date: 2010

Print ISBN-13: 9780199593170

Published to Oxford Scholarship Online: January 2011

DOI: 10.1093/acprof:oso/9780199593170.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 25 January 2022

The Credit Crisis and the Constitution

The Credit Crisis and the Constitution

(p.92) 6 The Credit Crisis and the Constitution
The Regulatory State

Julia Black (Contributor Webpage)

Oxford University Press

During the period June 2007 to October 2008, assets in financial institutions in the US lost $1,580bn in value, in the UK £122bn, and across the EU €784.6bn. The credit markets literally closed, banks were collapsing like cards, and international capital flows went into reverse as overseas investors repatriated their money as quickly as possible. After briefly outlining the pre-existing structure of UK financial regulation, this chapter focuses on the UK's response to the crisis as it unfolded and on some of the innovations, formalizations, realignments in the regulatory landscape prompted by the crisis. It draws attention to the importance of understanding the dynamics of the interrelationships between bodies operating within ‘extended executive’. It assesses the scrutinizing and validating role played by Parliament. Finally, it examines some of the implications of the tensions between globalizing financial markets, international regulatory harmonization, and national bank rescues.

Keywords:   UK financial regulation, financial policy, financial markets, globalization, bank rescues, international regulatory harmonization

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .