Economic governance in a post-crisis world : balancing regulation and risk

It is a familiar story. Following every economic crisis, policy-makers hurry back to their drawing boards to rethink and redraw the rules governing both the national and international economic order. This task has now acquired renewed urgency given the severe devastation meted by the current global financial meltdown. Indeed, crises create their own dynamic and offer rare opportunity to think outside the box. This is clearly happening now: established orthodoxies are being vigorously challenged and bold new “lessons” prescribed that are so unprecedented in scope that they were simply unthinkable just a few months ago.