The EU needs to step up co-operation on financial supervision? That is what is required to prevent crises and maintain the soundness of financial institutions and markets, says Tommaso Padoa-Schioppa.

Banks must resist calls for quick change to tackle the subprime crisis. But they must also not retreat into their shells. Concerted action and a willingness to continue to take risks is the way forward, says John Varley.

Basel II does not need to be overhauled – it is adaptable to rapid financial innovation and moreover, is designed to help steer banks through extreme market conditions, says Nout Wellink.

The rapid rise in the number and size of sovereign wealth funds means that concerns about them are becoming more significant and shaping best practice has become more urgent, writes Robert M Kimmitt.

Tim Congdon laments the fact that academic monetary theory has become so technical, abstruse and remote from day-to-day practicality, that busy decision-takers in banking may start ignoring it.

As banks seek growth in segments of the world’s population among whom penetration is low, Kris Gopalakrishnan explains how technology can help them achieve a return on their investments.

Recent turmoil shows the internal risk models of many banks are inadequate, underestimating the degree of risk exposure. The Basel Committee must therefore conduct further study before allowing banks to use the internal ratings based (IRB) approach for calculating regulatory capital, says Harald Benink.

Regulators should worry about incentives, liquidity and the perverse impact of past regulations, and seriously re-examine their approach in the light of the incoming evidence of culpability for the credit crisis, says Raghuram G Rajan.

The issue of transparency is pivotal to the present financial crisis, writes Jacques de Larosière. He shares his thoughts on the source of the crisis and what action needs to be taken to restore investor confidence.

Regulators and governments must not make the mistake of responding in haste to recent crises, such as German bank failures, the Northern Rock debacle and liquidity problems, advises Howard Davies.