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Paul Volcker, former chairman of the U.S. Federal Reserve and Chairman of President Barack Obama's Economic Recovery Advisory Board, addresses Canadian business leaders during the Changing Fortunes Round Table on economic recovery at Spruce Meadows in Calgary, Alberta, September 10, 2010.
Paul Volcker, former chairman of the U.S. Federal Reserve and Chairman of President Barack Obama's Economic Recovery Advisory Board, addresses Canadian business leaders during the Changing Fortunes Round Table on economic recovery at Spruce Meadows in Calgary, Alberta, September 10, 2010.
(Todd Korol/Reuters)

BREAKINGVIEWS

How to build a firewall without breaking the bank

GEORGE HAY AND ANTONY CURRIE

 — Reuters Breakingviews

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Last updated

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Regulators in Europe, the United Kingdom and the United States all agree on the need to protect their lenders from the casino-like antics of investment bankers. That’s no great surprise: who wouldn’t want to shield regular customers from the billions of pounds of losses caused by rogue traders like Kweku Adoboli of UBS? But beyond this shared objective, there’s little agreement.