The fact that this prescription was not followed by everyone is, no doubt, one of the contributing factors in the present dilemma, if not the primary cause.
But we must apply those principles in a way that develops a comparative advantage for our firms and our markets. Finally, and very importantly, an effective regulatory framework is one where the rules are enforced and are perceived to be enforced. Even the most coherent and efficient regulatory framework won't be effective unless it is followed. Participants must be appropriately monitored.