Though the list of reforms following the onset of the financial crisis is long, we should resist the temptation to view the emerging regulatory framework in terms of a paradigm shift. Many key features of the system, including the privileged position of financial institutions, remain unchanged. This is not merely due to obstruction or capacity shortcomings but can be explained by considering the sources of ideas and the governance setting. Ideas and policy programmes for reform were generated by a policy community also responsible for shaping the pre-crisis governance framework. Moreover, the ideas and preferences of these players are moulded by their transnational interactions and the club-like mechanisms in place for determining what (and who) is to be included in discussions. These settings have produced policy programmes that helped address the immediate, ‘fast-burning’ elements of the crisis, but have so far failed to put together a comprehensive reform programme.