What can and should be done on crisis prevention and management for the future? In recent weeks, the official sector has begun to provide its answer: from the 220-page US Treasury blueprint for an overhaul of the US regulatory structure released this past Monday (I read it all but it was difficult), to the initial reports of the President’s Working Group on Financial Markets, to the initial report of the Financial Stability Forum, to the report of the senior supervisors from the G-5 Parts of those reports, I think, are thoughtful and helpful, especially as regards to the rationalization.
