Too many cooks?

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Systemic risk was not always something to which governments or politicians paid much attention, but the financial crisis has forced a change of mindset. The realisation that problems relating to a single market, product or institution can escalate to threaten the stability of the entire financial system has prompted a string of proposals for new watchdogs to identify problems before they become systemic threats. But sceptics remain to be convinced any of the proposed agencies will actually have

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