It is necessary that the EU introduce a budget discipline system that involves the possible imposition of sanctions on countries that fail to adhere to the rules.

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The party whip system for ensuring voting discipline is less strict at the European Parliament than at Westminster, he explained.

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In addition, in order to function at the highest levels, System Two requires training, discipline, concentration, skeptical and impartial evaluation of purported facts, and the ruthless elimination of contradictions.

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And he makes the point that if any system of discipline is to be credible for pupils, it needs to be backed up by parents and wider authority.

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Supporters of self-regulation argue that the exchanges are uniquely positioned to discipline members and are, in any case, backstopped by the legal system and the Securities and Exchange Commission (SEC).

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Still, the crisis made it painfully clear that the world's banking system needed new international rules to impose lending discipline and guard against any temptation to migrate to the weakest regulatory regime.

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The whole system was more one of corporate discipline than real borrowing and lending.

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Indeed, lawyers argue that securities litigation and consumer class actions are necessary to discipline corporations that face no other brake on their bad behavior given the dysfunctional regulatory system.

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