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By Paul Murphy
Published: March 12 2010 19:37 | Last updated: March 12 2010 19:37
There's a lot of claptrap going around right now about the way financial markets operate. That's claptrap in the purest sense: words designed to win applause or impress the public.
Witness François Fillon, the French prime minister, rushing to Berlin to meet the German chancellor, Angela Merkel, so they could both sit down and write a letter to José Manuel Barroso, asking the European Commission president to investigate this and ban that. In Basel, meanwhile, Mario Draghi, chairman of the Financial Stability Board, has just promised a generalised clampdown and something he called "systemic regulation".
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