英国金融稳定治理框架:权衡、改革与启示

UK's Financial Stability Governance Framework: Trade-off, Reform, and Implications

金融稳定治理框架的目标是以治理安排为支撑来维系金融体系稳定性,包括政策目标、赋权主体、政策工具、协调机制以及危机处置等要素,呈现出单一机构体系、双支柱框架、新加坡模式和责任共担模式等政策实践。危机后,英国对其金融稳定政策及治理框架进行了全面反思,以应对金融稳定的内在挑战和完善金融稳定的治理安排,并据此进行重大的制度改革。英国是全球危机10年来金融稳定体系建设和改革最为深远的经济体之一,构建了以英格兰银行为核心主体,货币政策、宏观审慎和微观监管三支柱相融合,三个专业委员会相对独立决策,突出宏观审慎政策主导功能的金融稳定治理体系。这为正在进行货币政策与宏观审慎政策双支柱政策调控体系建设以及金融监管体系改革的中国提供重要的政策参考。

The governance framework for financial stability, including policy objectives, mandates, tools, coordination, and crisis management, is to realize stability of financial systems. It presents four governance models, namely, single authority, two-pillar framework, Singapore model, and responsibility-sharing system. In the wake of the global financial crisis, the UK government comprehensively reassessed its financial stability policy and governance framework to cope with the inherent challenge of financial stability and improve governance arrangements for financial stability;and based on that, it has carried out major reforms of its financial stability policy and related governance framework. In the past 10 years, the UK has become one of the few economies that have conducted profound reforms in financial stability governance regime, which features the Bank of England as the core player, the integration of the three pillars of monetary policy, macroprudential management and micro-regulation, and three professional committees to make independent decisions to highlight the leading functions of macroprudential management policies. The experiences of the UK serve as insightful policy references for China, which is carrying out its financial regulatory reform.