But along the way, the British and international financial systems changed. British banking no longer remained the exclusive preserve of an old boy network. The world of the starched collar, the brollie and the bowler hat disappeared. Today the City landscape is similar to that of New York, Frankfurt and Tokyo. Financial crises and innovations drove home the need for greater professionalism and meritocracy.
Arrangements vary with national conditions.
Nonetheless, intimate familiarity with the health of financial institutions is crucial to the sound administration of monetary policy. Many countries with separate central banks and banking regulators let the two institutions share staff and information. The model for this type of relationship is Germany, where the Bundesbank and the Federal Banking Supervisory Office work closely together. Thus, the United States shares similarities with both the German and British models. Today the surviving adherents of the old British model are Australia, Greece, Hong Kong, Ireland, Italy, Luxembourg, the Netherlands, New Zealand, Portugal, and Spain.