It is widely agreed that failures of financial market regulation contributed to systemic instability and the credit crunch of 2007-9. However the reasons for such failures are matters of debate. Three levels of analysis are explored here: descriptive, explanatory and historical. First, and at a...

This response to the consultation on a response to the HM Treasury's 2011 consultation paper, ‘A New Approach to Financial Regulation' comes from Nicholas Dorn, an academic (see annex). The focus of the response is on accountability to Parliament of all aspects of prudential (systemic)...

The consequences of banks and other financial firms being regarded as being ‘Too Connected To Fail' (TCTF) and of bailing out their senior bondholders include austerity, political dissent and a deepening of moral hazard – bondholders are effectively invited to back further risk-taking at...

Many observers blame regulatory failure for the financial crisis, arguing for closer international coordination of national regulation. This column argues for the opposite. Regulatory convergence creates instability. Instead, regulatory diversity is needed to reduce market herding and the...