Macroprudential policy (MPP) has been one of the major initiatives in the post-2008 crisis restructuring of financial regulation. Under the macroprudential mandate, the regulator monitors and judiciously controls systemic risk in the financial system, in an attempt to minimise the probability and severity of a future financial crisis. The book reveals why MPP authorities are rightfully at the centre of a highly sensitive policy debate, as MPP necessitates the allocation of significant regulatory power to technocrats, while the highly technical nature of MPP makes policy evaluation challenging. Specific issues examined include: the importance of financial stability as a public policy goal; the political economy issues stemming from the delegation of MPP to an independent authority; and the definition of accountability in the context of MPP. Focusing on a case study on the Financial Policy Committee of the Bank of England, the macroprudential authority in the UK, the book develops the normative grounds to justify the need for accountability in the conduct of MPP, while also formulating the necessary institutional framework to ensure the accountability of MPP authorities.

Includes the Aerial Warfare In Europe During World War II illustrations pack with over 180 maps, plans, and photos. Gen Henry H. “Hap.” Arnold, US Army Air Forces (AAF) Chief of Staff during World War II, maintained diaries for his several journeys to various meetings and conferences throughout the conflict. Volume 1 introduces Hap Arnold, the setting for five of his journeys, the diaries he kept, and evaluations of those journeys and their consequences. General Arnold’s travels brought him into strategy meetings and personal conversations with virtually all leaders of Allied forces as well as many AAF troops around the world. He recorded his impressions, feelings, and expectations in his diaries. Maj Gen John W. Huston, USAF, retired, has captured the essence of Henry H. Hap Arnold—the man, the officer, the AAF chief, and his mission. Volume 2 encompasses General Arnold’s final seven journeys and the diaries he kept therein.

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The prerogative powers of ministers include some of the most important functions of government, such as decisions on armed conflict and the conclusion of international treaties. This report describes how such powers have come to be delegated. It also concludes that they should be more closely regulated. It proposes that the government should prepare a list of all prerogative powers, which would be considered by a parliamentary committee. Appropriate legislation, with any required statutory safeguards, would then be put into place. A draft Bill is appended to the report.

Recent months have seen a period of sustained turbulence and instability in global financial markets, with financial firms across the world affected. In Britain, the Northern Rock bank experienced a run on its deposits. The Government announced a review of the existing supervisory regime, including complex areas such as the legal framework for dealing with banks facing difficulties. This consultation document sets out the views of the Government, the Financial Services Authority (FSA) and the Bank of England, responding to a discussion paper "Banking reform - protecting depositors" (HM Treasury, October 2007, http://www.hm-treasury.gov.uk/media/6/3/consult_bankingreform111007.pdf). This paper also takes into consideration the Treasury Committee's report "The run on the Rock" (5th report session 2007-08, HC 56-I, ISBN 9780215038388). The Government proposes to bring forward legislation to address five key objectives: (1) strengthening the financial system - better risk and liquidity management by banks, and improvements in valuation and credit rating agencies; (2) reducing the likelihood of banks failing - strengthening the supervisory framework and changing framework for provision and disclosure of liquidity assistance; (3) reducing the impact of failing banks - a range of tools to resolve a failing bank, including accelerated transfer of business to a healthy bank, a "bridge bank", and a bespoke banking insolvency procedure; (4) effective compensation arrangements in which consumers have confidence - a potential increase to the compensation limit for deposits, changes to enable the Financial Services Compensation Scheme to make payments within one week of a bank failing; (5) strengthening the Bank of England and improving co-ordination between authorities - retaining the tripartite regime, but giving a statutory basis for the Bank of England's financial stability role, and ensuring better governance arrangement within the Bank, and improving international co-ordination regarding financial stability issues and early warnings on global financial risks.

The Treasury Committee report, 'Women in the City' was prompted by its work in the banking crisis, which shone a spotlight on the need for reform to increase financial stability, including improving corporate governance within financial institutions. Part of the debate on how to improve corporate governance was around boosting diversity and challenge in the City. Witnesses to the Committee even suggested that greater female representation at senior levels would have made the banking crisis less likely. The report says the lack of diversity on the boards of many, if not most, of our major financial institutions, may have heightened the problems of 'group-think' and made effective challenge and scrutiny of executive decisions less effective. A sector which is failing to properly utilise the talents of over half the population clearly has substantial room for improvement and this entails looking more widely at the industry structure, to ensure that able women who wish to progress are not held back. The report also examines matters such as the long hours culture, the working environment and access to flexible working and family-friendly practices. The report notes that the challenge is not so much to change the legal framework, but to change practice and, where necessary, culture. The onus is on the City to demonstrate that it is committed to improving the representation of women at senior levels within the industry. Whilst the Committee does not believe this should be achieved through the introduction of a quota system, it is clear that such pressure will intensify should the industry fail to act.