The housing market and bet365 new customer offer market are closely linked，House price fluctuations and credit expansion will pass through bank credit channels、Monetary policy channel、The "bet365 new customer offer accelerator" effect and other effects on systemic risks，Therefore, preventing and resolving real estate bet365 new customer offer risks is to prevent and control systemic bet365 new customer offer risks、One of the important tasks to maintain the stability of the bet365 new customer offer system。After the 2008 bet365 new customer offer crisis，As one of the global bet365 new customer offer centers, the UK has suffered a major impact，After the crisis, the UK accelerated the reform of the bet365 new customer offer regulatory system，Strengthening macro-prudential management of real estate finance，Prevent systemic risks caused by real estate market bubble，Guarantee the stability of the bet365 new customer offer system。

　　Deepening the reform of the bet365 new customer offer regulatory system

After the bet365 new customer offer crisis，The United Kingdom is based on strengthening bet365 new customer offer stability、The goal of improving the efficiency of bet365 new customer offer supervision，Based on government laws and regulations，With the core of strengthening the dominant position of the Bank of England，Focus on strengthening bet365 new customer offer macro-prudential management，Continuously deepen the reform of the bet365 new customer offer regulatory system。

The UK has established a Ministry of Finance since 1997、The "tripartite co-governance" bet365 new customer offer supervision model composed of the Bank of England and the bet365 new customer offer Services Agency。However，Under the above institutional arrangements，The assessment and monitoring of bet365 new customer offer systemic risks have not received sufficient attention，And the three-party agencies lacked effective information communication and coordination mechanisms after the crisis，There are regulatory loopholes or even regulatory gaps，Making a serious impact on the bet365 new customer offer industry。After the bet365 new customer offer crisis，The UK uses macro-prudential management as the main entry point for the reform of the bet365 new customer offer regulatory bill，The Banking Act 2009 and the bet365 new customer offer Services Act (2012) were promulgated and implemented one after another，Clearly the central role of the Bank of England as the central bank in maintaining bet365 new customer offer security，Expand its management scope and responsibilities，Monetary policy will be implemented、Maintain bet365 new customer offer stability、Regulating the real estate market and other functions are concentrated in the Bank of England。The above reforms are conducive to the Bank of England’s role in information collection、Advantages in classification processing, etc.，Meet the data acquisition requirements of macro-prudential supervision，At the same time, the legal system for bet365 new customer offer supervision has been improved，Provides institutional guarantee to prevent and resolve systemic bet365 new customer offer risks and real estate bet365 new customer offer risks。

After the bet365 new customer offer crisis，The UK further strengthens supervision of bet365 new customer offer behavior，The bet365 new customer offer Conduct Authority supervises the business conduct of all regulated subjects，Maintaining confidence in the bet365 new customer offer services market。The bet365 new customer offer sector that is important for maintaining bet365 new customer offer stability，is dually regulated by the Prudential Regulation Authority and the bet365 new customer offer Conduct Authority，Further strengthening the soundness of bet365 new customer offer institutions。Based on this，The UK has gradually established a “twin peaks supervision” model that separates prudential supervision and conduct supervision，Effectively safeguard consumer rights while maintaining the stability of bet365 new customer offer institutions，Further build the bet365 new customer offer safety net。

　　Coordinate macro-prudential and micro-prudential supervision

Different from micro-prudential supervision that focuses on the bet365 new customer offer risks of individual institutions，Macro-bet365 new customer offer prudential supervision focuses on the systemic risks that may arise from the interconnections between individual bet365 new customer offer institutions，Emphasis on procyclical management in the time dimension and prevention of risk contagion in bet365 new customer offer institutions from the structural dimension。Micro-prudential supervision and macro-prudential supervision in policy objectives、Management Mode、There are differences in regulatory methods and regulatory focus。The two have different information advantages，The micro market information obtained by the micro-prudential department can be identified by the macro-prudential department、Monitoring systemic risks to lay the micro foundation，The assessment of systemic risks by macro-prudential departments can also provide macro-reference for the formulation of micro-prudential regulatory policies，Information sharing and overall coordination of macro- and micro-prudential supervision can help improve the effectiveness and accuracy of decision-making，To identify more comprehensively、Prevent and resolve bet365 new customer offer risks。

On the design of regulatory agencies，On the one hand, the UK strengthens the functions of the Bank of England through laws and regulations，Further enhance its voice and coordination power at the macro-control level，On the other hand, there are three agencies within the Bank of England - the Monetary Policy Committee、Prudential Regulation Committee and bet365 new customer offer Policy Committee，Unify macro-prudential supervision and micro-prudential supervision under the management of the Bank of England，Allow the Bank of England to do most coordination work in-house。Among them，The Monetary Policy Committee is responsible for the formulation and implementation of monetary policy，The Prudential Regulation Committee is responsible for micro-prudential supervision，The bet365 new customer offer Policy Committee is the main body of macro-prudential management in the UK，Mainly through real estate regulation、Leverage regulation and risk monitoring and testing three major indicators to identify systemic risks、Monitoring and resolution，Thus improving the stability of the bet365 new customer offer system。The setting up of the above institutions has greatly reduced the cost of policy coordination，Enabling the three major institutions to divide responsibilities in the risk prevention process，cooperate with each other，While reducing potential conflicts between macro-prudential and micro-prudential regulatory policies, give full play to their complementary roles，Realize the organic integration of the two types of supervision，To achieve optimal policy effects。

　Optimizing bet365 new customer offer macro-prudential control measures

After a long period of theoretical exploration and practice by the British government，The macro-prudential policy goals of bet365 new customer offer finance are more clear，Policy tools are constantly enriched，Remarkable results have been achieved in stabilizing housing prices and regulating the scale of bet365 new customer offer credit。

First，Design diversified real estate bet365 new customer offer macro-prudential management tools。The UK bet365 new customer offer Policy Committee is based on the "Draft Policy Notes on the bet365 new customer offer Policy Committee's Guidance Competence on Real Estate Policy Tools"，Implemented a series of macro-prudential supervision policies specifically targeting real estate bet365 new customer offer risks，On this basis，To manage real estate enterprises、Resident Department、Bank leverage is the core，Mortgage standards launched、Loan-to-value ratio、Real estate policy tools such as debt-to-income ratio and interest coverage ratio，Strict restrictions on high leverage in the housing market。Among them，The loan-to-value ratio is one of the more widely used tools，The loan-to-value ratio ceiling can not only control housing prices，It can also reduce the leverage ratio of bet365 new customer offer institutions，Preventing the occurrence of systemic bet365 new customer offer risks。Debt-to-income ratio is also an important tool for macro-prudential supervision of UK real estate finance，The Bank of England stipulates that the debt-to-income ratio is the ratio of the borrower’s outstanding debt to its annual income，And implement debt-to-income ratio regulations for all companies qualified to approve and issue housing mortgage loans。Practical proof，The debt-to-income ratio can adjust and control the size of real estate mortgage loans，Suppress the overheating of real estate credit to a certain extent，At the same time, stabilize the expectations of market entities，Enhance the stability and resilience of the real estate bet365 new customer offer system。

Second，Focus on the coordinated use of different policy tools，Leverage the "synergy effect" between real estate regulation tools。Continuously enriching policy tools，Provides more room for operation for macro-prudential management of real estate finance。In practice，The British bet365 new customer offer Policy Committee also flexibly combines the above policies，While reducing the systemic risks that may be caused by real estate bet365 new customer offer risks，Reduce the possible impact of policy actions on the macro economy。The bet365 new customer offer Policy Committee changes based on the economic situation and regulatory objectives，Optimize the combination and utilization of macro-prudential supervision policy tools，While effectively supervising the finance of the real estate market, try to reduce the impact on the real economy。

After the bet365 new customer offer crisis，The UK took the lead in deepening the reform of the bet365 new customer offer regulatory system，Focus on strengthening bet365 new customer offer macro-prudential management，Established a bet365 new customer offer regulatory framework led by the Bank of England，Provides institutional guarantee for macro-prudential management of real estate finance。Secondly，Created dynamic、Open policy tools，And through the flexible use of real estate macro-prudential control policies，Effectively stabilized housing prices and controlled credit scale。Again，Achieved the "double peak supervision" model that separates prudential supervision and behavioral supervision，While improving the stability of bet365 new customer offer institutions, it better safeguards the interests of consumers。Finally，Set by institution、Normal information communication and personnel appointment mechanism，Achieve coordination between macro-prudential and micro-prudential supervision of real estate，Reduced policy coordination costs，Improved supervision efficiency。But，Under the above-mentioned macro-prudential regulatory framework for real estate finance，Most regulatory responsibilities are concentrated on the Bank of England as the central bank，This may lead to a lack of independence between monetary policy and macro-prudential regulatory policies。In addition，The bet365 new customer offer Conduct Authority and the Prudential Regulation Authority have overlapping tasks and responsibilities in crisis response and day-to-day supervision，If there is a lack of effective coordination and management mechanism，There may be duplicate supervision issues。

(This article is a phased result of the “Research on bet365 new customer offer Social Risks from the Localization Perspective of Social Sciences” (21JZD024), a major research project in philosophy and social sciences of the Ministry of Education)

(Author’s unit: School of Marxism, Hunan University；Hunan University New Urbanization and bet365 new customer offer Research Center)