From Prof Eric De Keuleneer.

Sir, Martin Wolf's proposals for financial regulation ("Seven habits that finance regulators must acquire", May 7) is very much to the point, and could be completed by another one that could be called coherence. The market economy is supposed to work best with competition and without subsidies, but the financial sector is incoherent on both criteria, relying on regular state subsidies and lacking openness and competition in some key areas.