The Wallis Report is a substantial document with many useful insights into the workings of the financial system and its interactions with the regulatory and deregulatory process. This article provides a brief review of the Wallis Report. It argues that the Report could have been improved by first, including a more sophisticated evaluation of prior deregulatory experience, second, providing a more thorough explanation of how its recommendations will work in the areas of systemic stability and depositor protection, and third, including recommendations for a formal and rigorous monitoring of he outcomes of the recommended legislative changes.
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