The world's banking system is both mindbogglingly complex and too vital to fail. After only a year's deliberation, the finest minds in governments, regulatory bodies and central banks have decided how to improve the way it is supervised. Their answer, it appears, is thicker insulation and better preparation against folly and accident. In December, under instruction from the G20, the Basel club of bank supervisors published new proposals on capital and liquidity "buffers". These could be in force by the end of 2012.
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