The global credit crisis has been asystemic failure. In this monograph, the author try to setout some of what went wrong, and how to develop theframework of policy and institutions needed to ensure avibrant and stable financial system in the future. This willrequire new thinking about the type of institutions on whicha successful modern financial economy depends, but, moreimportantly, on the relationship between each of theseinstitutions. The author focuses on how to get them to workin a way which will support open and effective capitalmarkets. The aim is not to lay out a detailed framework forbank solvency, or accounting regulation or corporategovernance, though the author will touch on many examples ofreform. Rather it is to try to clarify the principles onwhich any responsible market system will rest, and how thesemight be applied to the banks and the other markets wherefinance is raised to keep the economy going. It is also tosuggest various actions the participants in all markets -regulators, investors, Non-governmental Organizations(NGOs), and bankers, can take to prevent similar disasters.
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