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