Is there systemic danger lurking in the financial sector? To any
regulator worth his or her salt, the answer to that question must
always be yes.
But to those for whom scepticism is not part of the job, it might
appear to be a redundant question. Recent banking crises have
arisen out of poor controls, too much decentralization, bad
management and unforeseen events suddenly swamping weak
institutions.
The last few years have been characterized by moves...
