The spirit of the Volcker Rule

President Obama's decision to champion Paul Volcker's vision of the future of banking has at last provided the essential political leadership needed to drive radical reform. Central bankers around the world have been quick to endorse the spirit of the proposed Volcker Rule. Of course, as central bankers from Jean-Claude Trichet to Mervyn King have stressed, the vision outlined by the president in a few short paragraphs on 21 January needs to be complemented with other policy measures. Bankers

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