Through my snail mail this morning arrived this cautiously optimistic piece from the LSE. An excerpt:

"At its core the recent failure of the global financial system reflects profound faults in our system of global governance. There has been no clear division of labour among the myriad of international institutions that have sought to address the crisis: their functions have often overlapped, their mandates have conflicted and their objectives have too often blurred. Attempts to tackle the crisis have been dogged by competition between states – leading to a dissonant response."

The authors emphasize the need, as ever, for reform but gloss over the process as "highly politicised". Understatement alert. It is a battleground with the Rest of the World aiming to reduce US and UK - its principle satellite ally in international fora - influence.

Revealing picture too:

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