The outcome of current international efforts to regulate the fianncial sector remains obscure, says Charles Goodhart, a professor at the London School of Economics.

Goodhart said the most likely outcome would be a generalised introduction of a leverage ratio that was adjustable at local discretion, the proliferation of some form of internationally-agreed liquidity ratio, and a tightening of capital adequacy requirements, though whether with, or without, counter-cyclical characteristics remained