Gillian Tett, a journalist from the Financial Times, a newspaper, explores why bank regulators and policymakers failed to spot the risks developing in credit and credit derivatives before the crisis and suggests ideological factors may have contributed to the lack of oversight in the Banque de France's July 2010 Financial Stability Review.

Tett says since the banking crisis erupted, observers had blamed flawed regulatory practice on policy makers and central bankers.

However, Tett argues, credit