Fat finger problem

Adair Turner, chairman of the UK’s FSA, has rightly identified the need for new weapons to stop the next bubble. But he has left open the question of whether his finger, the Bank of England’s or both will be on the button. Given the difficulty the two institutions have had working together in the past – notably in the connection with Northern Rock – clarifying the matter will be critical. The current crisis has shown abundantly how the world needs what the regulatory apparatchiks call “macro-pru...