Regulation over common sense
Tony Blair speaks,

To make sure Britain doesn't eventually pass its own Sarbanes-Oxley, Blair lays out some simple guidelines. "Instead of the 'something must be done' cry that goes up every time there is a problem or a 'scandal,'" he says, "we will reflect first and regulate only after reflection."

Even more critically, Blair says he wants to start to roll back the regulatory state, especially in the European Union. Britain is about to assume the rotating presidency of the EU, so Blair will be in a position to act. He says he'll work to make sure cost assessments are finished before any new regulations are put into place, and that he'll speak with business leaders before changing any regulations.

"We also need a far more rational, balanced and intelligent debate as to how 'risk' is debated. Not every 'scandal' requires a regulatory response," he says, sensibly.

Let's hope he acts on his words.