Here's part of a much longer essay by Paul Volcker on financial reform (and a few other issues):

Important questions about ... governance ... and the relationships between principals and their agents are being reexamined. Most obviously and appropriately, the role of regulation and supervision... To me, the lesson is clear. There are deep-seated structural issues that must be dealt with by legislation. Moreover, there should be common elements among nations hosting significant international financial markets and institutions. ...