# In an op-ed, Prof. Ingo Walter discusses governance and regulation in financial services

1 Faculty News June 19, 2013 ![](/sites/default/files/styles/246w/public/assets/images/con_044246.jpg?itok=O9Ybf3Jl)>

Excerpt from [The European Financial Review](http://www.europeanfinancialreview.com/?p=6987) -- "In the end, it is probably leadership more than anything else that separates winners from losers over the long term – the notion that appropriate professional behaviour reinforced by a sense of belonging to a quality franchise constitutes a decisive comparative advantage. In the absence of this crucial ingredient, the financial architecture will have to rely even more on intrusive and sometimes suffocating regulation – extending well beyond systemic issues – to protect the general public from systemic risk, ultimately at substantial cost to financial efficiency and economic growth."

[Read more](http://www.europeanfinancialreview.com/?p=6987)