The credit squeeze is still a young pup; it started just under seven weeks ago on August 9. But a consensus among the global financial grandees is already well established on the right regulatory response.

Monday’s global financial stability report from the International Monetary Fund is the most considered publication to date of that emerging view. It is highly likely to be rubber-stamped in mid-October when global finance ministers and central bank governors gather in Washington for the IMF’s annual meetings.