Today I posted over at Dale & Co:

The global financial system continues to convulse. The latest shock to the system is the exposure of an alleged $2bn fraud at UBS. Grave concerns about the external regulation of the financial system are reinforced by equally serious concerns about the internal regulation of investment banks. And, lest we forget, this $2bn bet that went wrong follows commitments by investment banks that they had overhauled their governance structures so this sort of thing wouldn’t happen again.

Today finance ministers are meeting in Poland to see if they can work out what to do to stave off the implosion of the Eurozone, and closer to home the political classes are still digesting the proposals contained in the Vickers report.

The seriousness of the financial crisis is hard to overstate. But even so the political diagnosis of the problem lacks vision and bravery.

You can read the full post here.