Democracies take their time because a wrong decision, or even a prudent decision that the public does not fully understand, will incur voter displeasure on election day. But if the recommendations of a stronger enforcer of the rules do not produce good outcomes, who is to hold him or her accountable? This is a very complex question which I cannot fully address here.
As Andy Haldane, the Bank of England’s Chief Economist recently remarked: “History is replete with examples of regulatory standards being diluted or dismantled in the name of enhancing the dynamism of the financial system and the economy.