Over-regulating in one place can create replacement markets elsewhere. Take Eurobonds, celebrating their 50th anniversary this year. This market developed all by itself out of loopholes and unserviced demands for borrowing, to become one of the world’s most important, inventive and efficient marketplaces.

The first Eurobond issue, a $15 million denominated flotation by Autostrade, the Italian highway system, was sold by SG Warburg to European investors, mainly through Swiss and other banks.