By Sean O'Grady

Bad generals, so they say, always end up fighting the last war. Maybe the commanders of the world's richest economies are doing the same thing. Everything the G7 finance ministers are likely to agree upon would have stopped the credit crunch from happening, or at least made it milder. But I don't detect much sign that they're going to make the next financial crisis any easier. Then again, how can they when its causes are unknowable? There's a sense that the G7 ministers, or some of them, think that they can prevent market crashes by demanding more 'transparency'. Dream on...