Plus ça change, plus c’est la même chose

The shape of the future financial system will likely be simpler, safer, higher-cost with slower, more stable growth and fewer crises — assuming financial regulation and supervision are effectively reformed. That, at least, is what the IMF thinks. But as Philip Moore reports, while there has been much soul-searching within the banking system and tongue-lashing by politicians over the last three years of crisis, the longer real change takes to come through the weaker it will be.