It is a golden rule of finance that whenever a serious market crisis erupts, it is swiftly followed by recriminations – and finger-pointing. So, too, with the credit turmoil of 2007.

For while there are signs that the market turbulence is now easing, behind the scenes the arguments are already building about who was responsible and what can be done to prevent it happening again. Or, as a senior policymaker admits: “There is a real political pressure for something to be done, or to be seen to be done – particularly in the US.”