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In a recent speech, Bank of Canada governor Mark Carney gave an unusually frank—for a central banker—assessment of the global regulatory response to the financial crisis. He spoke of a financial system “awash in moral hazard” and “giving way to hubris.”

In the recent past, financiers could be forgiven for discounting such talk as the musings of a small fish in a big pond. But given that Canada’s financial system has weathered the storm better than most of its rich-country peers—thanks largely to tough regulation—Mr Carney’s ideas deserve the world’s attention.

Read more at Financial Services Briefing: “Talking tough” (November 2nd)