But so far as the FSF goes, there is more to the criticism than sheer old European bloody-mindedness. The appointment does signal a shift. The FSF was conceived by Hans Tietmeyer as a way of making sure finance ministers, regulators and central bankers kept up a running dialogue about threats to the financial system. Crockett, who has stepped down as BIS general manager, was not only a much-praised chairman, but also a neutral one.

Ferguson, as a national central banker, cannot be above the fray