It comes in response to crises such as the demise of Silicon Valley Bank, which have been exacerbated by the speed at which information can spread on social media.
The Bank of England is keeping an eye on X – the app formally known as Twitter – as it seeks to guard against further banking collapses, governor Andrew Bailey has revealed.
'There's an interesting question about how we monitor Twitter – X – because we have to find ways to know whether this sort of thing is breaking out because obviously we have to react very quickly now if we see evidence that it is,' Bailey said. Bailey told a meeting of the Institute of International Finance in Marrakech, Morocco, that the Bank had to recognise that the rapid spread of information was 'the world we live in'.
'There's no point railing against it and saying can't we go back to a world where people couldn't communicate as quickly,' he said.RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP Bailey said the Bank's tools for dealing with a banking collapse 'do work'.
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