Too many cooks?

The financial crisis has revealed the failure of regulators to detect major threats to the stability of the financial system in advance. A number of new authorities are now emerging to monitor systemic risk, but is it possible problems could still fall through the cracks? Joel Clark reports

Systemic risk was not always something to which governments or politicians paid much attention, but the financial crisis has forced a change of mindset. The realisation that problems relating to a single market, product or institution can escalate to threaten the stability of the entire financial system has prompted a string of proposals for new watchdogs to identify problems before they become systemic threats. But sceptics remain to be convinced any of the proposed agencies will actually have