He said the "tripartite" system of financial regulation - in which responsibility was divided between the Treasury, the Bank of England and the FSA - had "failed us in war and in peace" and told MPs the government's Financial Services Bill would toughen regulation.

BBC: Osborne: Bank's misconduct risked UK's reputation

It said this could help restore public confidence in the financial sector and the system whereby the Bank of England, the Treasury and the Financial Services Authority share regulatory responsibility.

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Medvedev had indicated that Cyprus was the responsibility of the EU but Black said that if the Cypriot financial system collapsed the losses Russia would be exposed to would be far greater than the loan it had already extended to Cyprus.

CNN: What is being proposed in Cyprus?

The leading doctors and the hospital system adopted measures to blunt harmful financial incentives, and they took collective responsibility for improving the sum total of patient care.

NEWYORKER: The Cost Conundrum