Labour's Chris Leslie warned that there might be circumstances under which the aims of the Financial Policy Committee, which primarily focuses on financial stability, clashed with those of the Monetary Policy Committee, which mainly deals with inflation-targeting, but is also obliged to take growth into account when making decisions.

BBC: MPs pass Financial Services Bill

Paul Tucker, Deputy Governor, Financial Stability, and Monetary Policy Committee members Professor David Miles, and Ian McCafferty, speak more freely about the controversial policy of quantative easing (QE) which is being deployed to combat the recession?

BBC: Week ahead in committees

Mr Sants said it was "no secret" that the FSA and the Bank of England had been arguing on the international Basel Committee and the Financial Stability Board for a bigger increase in the capital held by G-SIFIs or the mega-banks than was desired by regulators from other countries, such as France and Germany.

BBC: Sants: We wanted banks to hold more capital

The response of the Basel Committee, the Financial Stability Board, the European Commission and the G20 has been to devise ever more complicated and more detailed rules to limit the risks to banks and the wider economy of the byzantine complexity of the way banks manage themselves and the astonishing counter-intuitive complexity of products created by financial innovation.

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The Financial Stability Board (FSB), a committee of financial supervisors, issued a report on ETFs.

ECONOMIST: The risks created by complicating a simple idea

So begins and ends the speech by Andrew G Haldane, Executive Director, Financial Stability and member of the Financial Policy Committee, co-authored by Vasileios Madouros, Economist, Bank of England.

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Generations of immigrants have faced similar challenges, but luckily Alaa found a public-private partnership that helps people like him gain financial stability: the San Diego International Rescue Committee (IRC) Financial Opportunity Center.

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There is merit in having a committee charged with worrying solely about financial stability.

ECONOMIST: The Bank of England

But that would stoke the demand for credit that its sister committee was trying to curtail in the interests of financial stability.

ECONOMIST: The Bank of England

While the Nobel committee deliberated, the IMF hinted at some of these challenges in its recent global financial stability report.

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