Smaller, duller, safer and less lucrative

The go-go years on Wall Street and in the City of London are over – and won’t return for a long time. Even when the global economy rebounds, the tighter regulatory noose set out in a blueprint drawn up for the G20 summit next month will stop finance bouncing back. This will be good for most people – except financiers. The ability of 20 nations to achieve consensus on this 24-point programme, a copy of which has been obtained by breakingviews.com, is a significant achievement in international col...