Can the regulators reform themselves?

The regulatory community has gone to work with its customary measured zeal on the overhaul of financial regulation, following the instructions given to them by the G20 summit meeting held in Washington last November. Dozens of working parties with their attendant clouds of seminars and conferences have been preparing for the London summit in April.

Their broad remit, as stated in the "declaration" of world leaders on 15 November, is "to strengthen regulatory regimes, prudential oversight and ris