RICHARD DALE The author graduated from the London School of Economics and studied for the Bar at Lincoln’s Inn. Subsequently he spent five years with merchant bankers N. M. Rothschild and Sons Limited. More recently he was a Rockefeller Foundation International Relations Fellow at the Brookings Institution in Washington DC. He is currently Coopers Deloitte Professor of International Banking and Financial Institutions at Southampton University and is also Consultant Editor of FT Financial Regulation Report and FT Credit Ratings International.