A new tool that ensures that markets have liquidity in a crisis must come with a quid pro quo: more intrusive regulation and penal charges.

Collectively, the spectre of unwise legislation, intrusive regulation and uncertainty over our place in the world looms over boardroom discussion everywhere.

In practice, the new demand created ways of ensuring secure online payments without the need for intrusive regulation.

For the economy to thrive, the banks need hands-on, intrusive regulation, harsher stress tests and hardnosed regulators to implement them.

For new low-tax free ports and economic zones, for free trade deals around the world, for better and less intrusive regulation, for democratically accountable rules on immigration.