This document set out core principles to be adopted by all participating jurisdictions, including the legal and operational capability for such a super special resolution regime (now known as 'bail-in').
[34] From December 2015, two years after leaving office, until August 2021, Tucker was chair of the Systemic Risk Council, a body set up in 2012 by former regulators and central bankers to promote financial stability.
[40] Amongst other things, the SRC has intervened on various Trump US Treasury proposals to roll back financial regulation, and on the need for a policy on the resolution of clearing houses without taxpayer bailouts.
[44] Shortly after the 2019 outbreak of the Covid pandemic, the Systemic Risk Council issued a statement addressed to the G20 on how the economic and financial authorities should respond, including credit facilities, and urging suspension of banks’ dividends, share buy backs and top-end bonuses, which the EU but not US followed.
Shortly after leaving office, he set out views on the program to reform the financial system, at an event held by the Washington D.C. Brookings think tank's Hutchins Center to mark the retirement of Federal Reserve chairman Ben S.
[47] Tucker's analysis of the lender of last resort function has been published by the Bank for International Settlements and quoted extensively in a leading US textbook on the law of financial regulation.
[51] In February 2021 testimony to a UK House of Lords committee on quantitative easing, Tucker was critical of the way the different purposes of central banks purchasing government bonds had blurred, highlighting that market-maker-of-last resort was important but not regular monetary policy, and expressing concern about the effect of massive QE on the interest rate-sensitivity of government debt-servicing costs.
[54] Following the 2016 referendum on European Union membership in the United Kingdom, Tucker co-authored a paper with Jean Pisani-Ferry, André Sapir, Norbert Rottgen and Guntram Wolff which lays out a proposal of a "continental partnership" between the EU and the UK.
[55] According to the paper, such a partnership would grant Britain some control over labor mobility while preserving free movement of capital, goods and services [56] Tucker's first book, Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State, was published in May 2018 by Princeton University Press.
[57] It has been described as "rang[ing] with great erudition and clear logic across political philosophy, economics and public law to reconstruct from the ground up the case for the legitimate exercise of unelected power in a modern representative democracy.
In it he advances the argument that western democracies are facing a long term contest with more authoritarian states involving entangling many dimensions of international public policy and security issues.
He expounds the principles for what he argues would be a sustainable system of international cooperation between democracies and illiberal states in a way which would not sacrifice the wests political values.