What lessons for the future?

Life is uncertain. Eat dessert first.

Ernestine Ulmer

What can we learn from the wreck of our financial system? Policymakers across the world are determined there will be no repetition of the crisis and there has been much talk of rebuilding the architecture of global finance. The G20 has met in London, and will meet again intent on formulating permanent answers; some have already been proposed. Are there lessons that can be permanently learnt?

There are some bad signs from the start. The term ‘architecture of global finance’ shows a misunderstanding of how international finance works. It sounds good, but is as lacking in accuracy as a description as the ‘science of boxing’. Unlike architecture, rules have ...

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