The world economy is showing signs of recovery, stock markets are soaring and bankers are again awarding themselves big bonuses. But one year after the financial conflagration that devastated Wall Street and burned financial institutions around the globe, the main firefighters central bankers, market regulators and government policymakers continue to struggle with a central question: How do we prevent it from happening again?
Some of the answers are technical. Regulatory oversight, almost everyone agrees, needs to be beefed up. There's also an emerging consensus on the need for banks to...
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