||Williams, Marion V (1989)
Commercial banks and financial institutions the world over would, in an ideal world, prefer a situation of minimal regulation. Central banks would also prefer this situation. For this reason there must be rules up front which assure the smooth functioning of the financial system and minimises the need for intervention by the Central Bank. The recent tendency has been toward deregulation but paradoxically it has brought an increasing volume of legislation which stipulates how these deregulated financial institutions should function.