Moreover, regulatory competition is not always bad, says Allan Meltzer of Carnegie Mellon University.

ECONOMIST: Financial regulation

IMF's most vocal critics, debate is likely to be fuelled by the findings of a congressional commission, chaired by Allan Meltzer, an academic at Carnegie-Mellon University.

ECONOMIST: Intrigue on 19th Street

One proposal from two American economists, Adam Lerrick and Allan Meltzer, is to allow the banks to issue negotiable deposit receipts, which could be used as cash.

ECONOMIST: Argentina's crisis