Amid all the debates about reforming the global financial system, the two most important challenges are clear.
The first is to return banking to its rightful place in a market economy. Banking should not depend on a safety net from taxpayers. Those who most espouse the disciplines of capitalism – bankers and financiers – should live by them.
The second challenge is to take a much broader view of global finance than in the past. Looking back, regulators have to recognise that the rules of the game failed to keep up with the progressive fusion of banking, capital markets and insurance; and were not modified in response to accumulating macroeconomic imbalances.
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