Solving systemic risk in harmony
A cynic might suggest that regulators love this era of financial crisis because it guarantees their livelihoods for years to come. The world inhabited by supervisors is a monopolistic bureaucracy, unchallenged by competitors, but they need problems to respond to in order to justify their jobs.
Devising and implementing new rules to flush out systemic risk from our financial plumbing is the current focus of one of this issue’s interviewees (see pages 22-23). But as a result of the well-intentioned
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