"The relentless good taste combined with the total lack of financial constraint was overwhelming, " he says.

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But we are under financial constraint.

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"The financial crisis and recession have weakened the competitive constraint from the smaller providers, " the OFT's report said.

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The most economically damaging source of regulatory constraint is in finance, thanks not just to the Dodd-Frank financial law (which many Republicans want to repeal) but a panoply of state, federal and global actions.

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Indeed, speculative excesses in asset prices and credit flows might occur more frequently in future, thanks to the combined effects of financial liberalisation and a monetary-policy framework that concentrates on inflation but places no constraint on credit growth.

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Given that, SNP ministers say, rUK ministers and the financial system would rationally prefer a stable sterling zone rather than Scotland deploying sterling free from constraint on their northern boundary.

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If the financial services lobbyists fail to achieve complete repeal, they may nevertheless chip away at the newly imposed constraint, so that after a number of years the pre-reform conditions may be substantially restored.

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