The Germans, at least, are doing some major thinking on how to fix the problems with the financial market. They propose a "global risk map". More:

The map would show all major international institutions and financial products, including credit insurance and asset-backed securities.

Similarly, the group has suggested setting up a cross-border credit register of major loans to provide greater transparency to businesses and governments seeking to evaluate risk.

Credit agencies, which have been criticised for dishing out spurious ratings in the pursuit of profit and failing to spot the build-up of risk, should be subject to a central supervisory body that would report annually on their work the report said.

Furthermore the fee structure of credit agencies must be reformed to incentivise the issue of a correct rating, for example by making agencies buy into the tranches of debt that they rate.

The group also proposed realigning management compensation schemes to motivate long-term performance.

These suggestions sound like a good place to start, although it was government machinations of the sub-prime market that triggered the collapse, so perhaps changing credit standards would go along with the above ideas.