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Among the participants of the first Mont Pelerin meeting were also German liberals responsible for ordoliberalism like Eucken, Röper, Erhard. The idea is that ‘neoliberal pure market forces’ are checked and balanced by institutional regulation to secure the fair, long term operation of markets among market participants on equal footing – despite strong differences in knowledge and economic power. That is a liberal idea neglected almost always nowadays!

Instead regulation is turned into a mechanism for obscuring the dissemination and effects of information and thus proper functioning of markets. Regulation is structured in ways much too complex and written from a mechanistic, control-freak worldview effectively enabling clever participants, like bank mangers, to engage in rent seeking. Regulation is fostered by well-meaning but uninformed cries for ‘control’ of markets forces making matters worse – not better. Better rules and better control of the effects of regulation are required!