BoE's Wilkins warns financial institutions need to be ready for geopolitical dangers

Fitch Ratings speech

Bank of England Financial Policy Committee (FPC) member Carolyn Wilkins said financial institutions need to prepare for geopolitical risks given the potential for increased regulatory and trade restrictions as well as more extreme scenarios such as cyber warfare or physical warfare.

In a speech on the geopolitical threats to financial stability given today (23 January) at Fitch Ratings, Wilkins warned financial institutions and authorities not to repeat the mistakes made prior to the Global Financial Crisis and called for them to "work together to mitigate the potential impact of geopolitical risks", with a focus on resilience, diagnosis, and preparedness. "The shadows cast by wide-ranging geopolitical dragons are long, darkening the lives and livelihoods of many people in many countries," Wilkins said. BoE warns of rising sovereign debt impact on UK financial st...