It was a long week for Davos Man, oozing about trying to determine the future of international banks, but not learning much. Everyone is for improving the system, but so far actions have been limited to taxing bank bonuses and signifying broad agreement that something has to be done.

Bank of England Governor Mervyn King praised the US for its efforts to initiate financial reforms, but American regulatory watchers are pulling their hair out over the highly politicised and unfocused sausage factory that the process has become.