If the cakes of the future are to be profitable ones, we are going to need new and improved recipes. You will probably be familiar with my long-held view that institutions should scrutinise their business models, and that many of them should adapt them, or even overhaul them altogether. Because the pressure is set to mount still further.
The effectiveness of the agreed standards depends on many aspects and that there is no  5 of 6  one-size-fits-all approach. As many have said: “Economics is the only field in which two people can get a Nobel Prize for saying the opposite thing” is true. 22.