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Howard Davies

Howard Davies

Writing for PS since 2009
82 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. 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.

  2. 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%.

  3. 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.

  4. When Central Bankers Become the Target
    davies79_ Dan Kitwood - WPA PoolGetty Images_andrewbailey Dan Kitwood/WPA Pool/Getty Images

    When Central Bankers Become the Target

    Jun 27, 2022 Howard Davies thinks monetary policymakers should not assume that their reputations will automatically recover.

  5. Will Western Sanctions Change the Global Financial System?
    davies78_WANG ZHAOAFP via Getty Images_chinacentralbank Wang Zhao/AFP via Getty Images

    Will Western Sanctions Change the Global Financial System?

    Apr 28, 2022 Howard Davies thinks the unprecedented measures against Russia could have far-reaching longer-term consequences.

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  1. sierakowski91_Omar MarquesGetty Images_ukrainian refugees Omar Marques/Getty Images
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    Resentment on the Western Front

    Sławomir Sierakowski thinks the Polish public needs a more open and honest conversation about refugees before resentment spirals.
  2. vives17_ Leon NealGetty Images_ftx Leon Neal/Getty Images
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    Crypto’s Well-Worn Path to Crisis

    Xavier Vives writes that, despite the novelty of the assets, the narrative of FTX’s collapse was established long ago.
  3. roubini171_Spencer PlattGetty Images_recession looming Spencer Platt/Getty Images
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    The Unavoidable Crash

    Nouriel Roubini anticipates a stagflationary debt crisis, owing to a dangerous combination of inflation and over-borrowing.
  4. nye236_SAUL LOEBAFP via Getty Images_biden xi SAUL LOEB/AFP via Getty Images
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    War Over Taiwan?

    Joseph S. Nye, Jr. considers whether a deterrence arrangement that has worked for 50 years is still sufficient.
  5. op_livingston1_Anna MoneymakerGetty Images_fed Anna Moneymaker/Getty Images
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    The Contested Fed

    James Livingston

    By all accounts, central banks – particularly the Fed, because the dollar is still the world’s dominant currency – already act as investment authorities. But their recent bailouts have exacerbated economic inequality, and have done little or nothing to address climate change.

     reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.
  6. pisaniferry140_Sean GallupGetty Images_cop27 Sean GallupGetty Images
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    The Economics of Mainstreaming Climate Action

    Jean Pisani-Ferry & Selma Mahfouz identify the risks and short-term costs associated with the energy transition over the next decade.
  7. haldar15_ Tayfun CoskunAnadolu Agency via Getty Images_twitter Tayfun Coskun/Anadolu Agency via Getty Images
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    Killing Twitter

    Antara Haldar explains what Elon Musk fundamentally misunderstands about the platform – and about free speech.
  8. emmott41_musk
    2

    The Napoleons of Big Tech

    Bill Emmott

    Recent events in the technology sector suggest that investors and lenders should be demanding a premium to cover the risk that a star entrepreneur will become an egomaniacal dictator. With each business cycle, it seems, old lessons must be relearned.

     sees in the industry’s harsh reckoning this year lessons that apparently can’t be learned often enough.
  9. BP - ftx NurPhoto / Contributor via Getty Images
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    The Crypto Emperor’s New Clothes

    The collapse of several crypto platforms this year – including the spectacular crash of the second-largest cryptocurrency exchange, FTX – has raised fundamental questions about the credibility of a digital innovation once hailed as the key to democratizing finance. Has crypto finally been exposed as a scam, or will a new, stronger crypto industry emerge from the current turmoil?

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