Fed, ECB give welcome endorsement of financial regulation

IN the run-up to the US Federal Reserve's retreat in Jackson Hole last week, observers had expected Fed chair Janet Yellen and European Central Bank (ECB) president Mario Draghi to follow the usual routine at the annual central bankers' event and focus on core issues of monetary policy.

Thus, Ms Yellen was expected to drop hints about the Fed's outlook for inflation and the future course of US interest rate hikes, while Mr Draghi was viewed as likely to discuss th…