- Policy inertia and the persistence of systemic fragility
- Political Quarterly
- Volume | Issue number
- 85 | 4
- Pages (from-to)
- Document type
- Faculty of Social and Behavioural Sciences (FMG)
- Amsterdam Institute for Social Science Research (AISSR)
Many observers have diagnosed a fundamental shift in financial regulation since the 2008 crisis. In contrast, this article argues that changes have mostly been superficial. The ideas underpinning regulation have been adapted rather than overturned. Our financial system remains highly fragile, even if exceptionally loose monetary policy obscures such fragility temporarily. Governments show little appetite to correct the lopsided relationship between the financial sector and the real economy and turn the sector into a reliable engine of prosperity and stability rather than a continued source of systemic risk.
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