There are a handful of laws in the financial markets that never change. The customer always pays, even when it’s free. The market is always right, except when you disagree with it. And every time regulators introduce a new reform it is followed by negative unintended consequences.

Critics would argue that these unintended consequences are undermining often well-intended efforts to make the financial system safer and prevent a future crisis. At a time when companies and governments need access to a stable banking system and efficient capital markets more than ever, the critics lament, reforms from Basel to Brussels and from Vickers to Volcker are doing their best to make them riskier and more expensive.