Regulations rarely work (figure the struggling U.S. banking sector remains one of the most regulated on earth), but they always succeed in distracting businesses that should be focused on the bottom line.

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If banking bureaucrats cannot manage a single fiat currency, what on earth makes anyone think they can manage two linked together?

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"This is an industry that the world needs... we need to reform this industry and change it, " he said and admits that banking has become "a bit detached from society" but is now "coming down to earth with a bump".

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