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Howard Davies

Howard Davies

Writing for PS since 2009
84 commentaries

Howard Davies, the first chairman of the United Kingdom’s Financial Services Authority (1997-2003), is Chairman of NatWest Group. He was Director of the London School of Economics (2003-11) and served as Deputy Governor of the Bank of England and Director-General of the Confederation of British Industry.

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  1. America’s Financial Regulatory System Is Still Broken
    davies85_ Justin SullivanGetty Images_sanfranciscofed Justin Sullivan/Getty Images

    America’s Financial Regulatory System Is Still Broken

    Mar 22, 2023 Howard Davies laments that the post-2008 Dodd-Frank reforms left in place a framework riddled with structural shortcomings.

  2. Central Bankers’ Green Lines
    davies84_CLAUDIO BRESCIANITT News AgencyAFP via Getty Images_jerome powell CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images

    Central Bankers’ Green Lines

    Jan 19, 2023 Howard Davies holds out little hope for a global consensus on how monetary policy should address climate change.

  3. The Regulators’ Revolt
    davies83_ Peter MacdiarmidGetty Images_bankofengland Peter Macdiarmid/Getty Images

    The Regulators’ Revolt

    Nov 28, 2022 Howard Davies traces the rise and fall of the UK government's recent effort to wield the power to rewrite financial rules.

  4. The Bank of England After Boris
    davies81_TOLGA AKMENAFP via Getty Images_bankofengland Tolga Akmen/AFP via Getty Images

    The Bank of England After Boris

    Aug 11, 2022 Howard Davies considers the merits of raising the monetary authority's inflation target from 2% to 4%.

  5. Howard Davies on forward guidance, central-bank independence, the Volcker Rule, and more
    European Central Bank

    Howard Davies on forward guidance, central-bank independence, the Volcker Rule, and more

    Aug 9, 2022 Howard Davies fears that bringing the current bout of inflation under control will carry high costs, suggests ways monetary policymakers can protect their reputations, defends the UK Treasury from accusations that it is too powerful, and more.

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  1. gaffney4_Leonardo MunozVIEWpress_tax Leonardo Munoz/VIEWpress

    Tax the Rich to Save the Planet

    Owen Gaffney argues that reducing economic inequality is the key to strengthening democracy and mitigating climate change.
  2. nye240_Yuichiro ChinoGetty Images_worldtechnologyconnection Yuichiro Chino/Getty Images

    Is Globalization Over?

    Joseph S. Nye, Jr. explains why reports of the death of humanity's interdependence are greatly exaggerated.
  3. goldsmith3_LEONARDO MUNOZAFP via Getty Images_trumpindictment Leonardo Munoz/AFP via Getty Images

    Putin and Trump in the Dock?

    Jack Goldsmith explains the risks associated with pursuing criminal prosecutions against high-profile political figures.
  4. fischer202_JULIEN DE ROSAAFP via Getty Images_ukraine JULIEN DE ROSA/AFP via Getty Images

    The Great Revision

    Joschka Fischer examines the broader geopolitical restructuring that was triggered by Russia’s full-scale invasion of Ukraine.
  5. op_feld2_Mike KempIn Pictures via Getty Images_inflation Mike Kemp/In Pictures via Getty Images

    Why Inflation Persists

    Lars P. Feld

    What "Team Transitory" has missed in the inflation debate is that inflation tends to become persistent because of second-round effects. Not only have producer prices risen over the past year or so, but they also have not yet been fully passed through the value chain.

    navigates the complex array of factors that give rise to one of the biggest problems in macroeconomics.
  6. haldar19_ Beata ZawrzelNurPhoto via Getty Images_wanted putin Beata Zawrzel/NurPhoto via Getty Images

    Wanted: Vladimir Putin

    Antara Haldar explains why the International Criminal Court’s indictment is more than just a symbolic victory.
  7. BP financial crisis Anadolu Agency / Contributor via Getty Images

    Here We Go Again?

    Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.

  8. roubini175_Michael M. SantiagoGetty Images_debt crisis Michael M. Santiago/Getty Images

    The Coming Doom Loop

    Nouriel Roubini warns that liquidity support will not be enough to prevent a deeper financial crisis and economic downturn.
  9. james202_FABRICE COFFRINIAFP via Getty Images_ubs credit suisse FABRICE COFFRINI/AFP via Getty Images

    Crises of Uncertainty

    Harold James fears the consequences of policymakers’ continual revision of economic and financial governance rules.

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