Two political texts. EU action to improve the management of financial markets, by introducing transparency and beefing-up monitoring, has entered a new phase. Since the summer, there has been revelation after revelation of gaps and abuses, and for non-specialists (quorum ego), these have been astonishing. No transparency, no monitoring, sometimes mind-boggling conflicts of interest, scarcely imaginable profits. In the United States, when fraud is discovered, long jail sentences are the order...