Mooted reforms of the financial system may not be radical enough, Lord Adair Turner, the chairman of the UK's Financial Services Authority, has argued.
At Clare College, Cambridge, on Monday Turner urged policymakers to pay heed to the system as a whole when devising reform. The defining issue was, he said, the burden imposed by the increase in total debt-to-GDP resulting from the crisis. It was now, therefore, essential to focus on aggregate systemic instability and its causes. The biggest prob