Andrew Haldane is Executive Director, Financial Stability at the Bank of England. In this role, he has responsibility for developing Bank policy on financial stability issues and the management of the Financial Stability Area. Andrew is a member of the Bank’s Financial Stability Executive Board and the new Financial Policy Committee. He is a member of various international public policy committees, economics associations, editorial boards and academic advisory committees. Andrew has written extensively on domestic and international monetary and is co-founder of ‘Pro Bono Economics’, which aims to broker economists into projects in the charitable sector.
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Finance is built on trust. It is based on promises about tomorrow, often paper promises backed by nothing other than words on a page. When trust in those promises breaks down, so too does the financial system. That is the lesson of thousands of years of history.
Elephant seals have got too big for their beaches. A large specimen might weigh over 8000 lbs (3700 kg).Their size has a simple evolutionary explanation. Large males fight for the right to mate with a whole beach full of females. For elephant seals it is, quite literally, winner-takes-all. And the key to winning is simple – size.
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So how far have we come since Lehman? How much more do we have to do?