Cunliffe spoke to the BBC
- None of us want to see the sorts of events again that we saw in 2007 and 2009
- The costs of those events are still very clear
- We need the financial regulation reforms we have had and it is important we preserve them
Central bankers are worried about US deregulation. In a globalized system, it's tough to compete with a major market that has less regulation.
- Too early to say what the outcome of US financial reform will be
- Sees risks for US economy evenly balanced between upside and downside