If crisis is change's catalyst, recovery is its inhibitor. As preparations for the G20 summit get under way, finance ministers meeting in London deserve credit for averting economic apocalypse. In reforming financial regulation, however, their efforts are thus far lacking. The debate has been hijacked by an understandably populist, but often tangential, focus on bankers' pay. Meanwhile, reforming zeal is in danger of being squandered, as broad-brush visions gloss over trickier questions of implementation and efficacy.
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