영국 거시건전성 감독체계의 작동 원리와 정책적 시사점
Principles of UK macroprudential supervision and policy implications
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거시건전성 감독 기능의 강화는 글로벌 금융위기 이후 규제개혁의 핵심의제의 하나로 도입되었다. 거시건전성 감독은 정책의 초점을 금융시스템 차원에 맞춤으로써 기존 미시건전성 감독의 한계를 극복하고 시스템적 금융위기의 재발 가능성을 낮추기 위한 것이다. 선제적으로 거시건전성 감독 체계를 제도화한 영국의 사례는 우리나라에 시사점을 제공한다. 영국 거시건전성 감독체계의 특징은 관계기관 간 협의체가 아니라 거시건전성 정책에 전념하는 소규모의 기구가 존재한다는 점이다. 금융정책위원회는 영란은행 내부의 소위원회이지만 거시건전성정책을 전담하며 영란은행뿐 아니라 재무부, 금융감독기관 및 은행연합회 등에 정책을 권고하거나 지시할 수 있다. 한편 금융정책위원회의 강력한 정책권한이 정책의 목적에 올바르게 쓰이도록 하기 위하여 다양한 견제장치가 마련되어 있다. 거시건전성 정책이라는 광범위하고 전문성이 필요한 문제에서 견제와 균형의 원칙을 살리기 위해 노력하고 있는 영국의 사례는 우리나라에 중요한 시사점을 제공한다.
Abstract
Strengthened macroprudential supervision has been introduced as one of the key regulatory reform agenda since the global financial crisis. Macroprudential supervision aims to focus on financial system-wide supervision policy in order to overcome the limitations of existing microprudential supervision and to reduce the likelihood of recurrence of systematic financial crises. The experiences of the UK macroprudential supervision system provide interesting implications for Korea. Characteristics of British macroprudential supervision are that a small agency is in charge of macroprudential supervision instead of a council of major relevant authorities. Financial Policy Committee(FPC), a subcommittee of the Bank of England, is responsible for macroprudential policies and also gives directions or recommendations to various institutions such as the Bank of England, the Treasury, financial supervisory authorities and associations of banks. Also, there are various complementary devices to insure that MPC’s strong policy power is used for the purpose of macroprudential supervision. The case of the UK, which tries to maintain the principle of check and balance while dealing with macroprudential issues, gives Korea important implications.
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