As 2009 draws to a close, it is clear that the world has stepped back from the brink and that an outright financial collapse has been avoided. It is necessary still to be cautious - the global economy is very far from strong, and in many countries major elements of the financial system are still very dependent on funding and support from the authorities. Nor is the task of redesigning and reconstructing regulation a done deal, for all the consensus on display at the recent G20 meeting about the