When U.S. government officials met their European counterparts in London last week for the G-20 summit meeting, they were no doubt shaken by some of the more radical sentiments expressed by protesters in the streets outside.
They should prepare to be shaken by some of the more radical sentiments expressed by European regulators, too.
Since the financial crisis started six months ago, voices in Europe have gone from a muted dismay to a full-throated call for much stronger regulation than what the Americans want to discuss. And while U.S. officials are prepared to consider ideas such as coordinated oversight of the banking ...