The two biggest questions are over how to make different banks' ratings comparable and how to link capital to them.

ECONOMIST: Basle bust-up

And MCEV has no direct link to capital adequacy.

ECONOMIST: European insurers

Most economists see the job falling naturally to central banks, because of their closeness to markets and because of the link between capital standards and monetary policy through the price of credit.

ECONOMIST: What regulators should do now