The body would be politically independent, independent of financial markets and staffed with experts,  3  while having no official power over the central bank or other regulatory bodies. This may sound utopian, but is worth trying in the present day turbulent market environment.
Consideration may also be given to the formulation of a “fair practice code” for finance professionals, regulators and academia, extending the idea mooted by the American Economic Association on a Code of Ethics. A similar approach has been suggested by Professor Shiller in the context of financial innovation supporting the stewardship of society’s assets.