03/29/2010 05:12 am ET | Updated May 25, 2011

Martin Wolf: Obama's Bank Reform Proposals Are Largely 'Unworkable, Undesirable And Irrelevant'

I admire Mr Volcker and strongly support his desire to develop a financial sector that supports the wider economy, rather than makes vast profits out of activities so likely to destabilise it. Equally, I agree that part of the solution is indeed structural. But these proposals are, in important respects, unworkable, undesirable and irrelevant to the task at hand. The president may indeed be desperate. But much more work is needed.