Reforming regulation: how urgent, how effective?

Participants in a conference hosted by the London School of Economics and Deutsche Bank in London on Thursday were split over whether there was substance to regulatory buzzwords such as countercyclical supervision and utility-based banking.

Raghuram Rajan, a finance professor at the University of Chicago and a former chief economist of the International Monetary Fund, opened the conference with some provocative comments over the role of regulation in escaping from the crisis and in ensuring a