You bill Dani Rodrik of Harvard University as arguing in a guest article for stronger national rather than global financial regulation (“A Plan B for Global Finance,” March 14, 2009). If you look a bit more closely, though, you see that he is actually arguing for a three-tiered system encompassing national, regional, and global regulation. The national regulation is indeed key to his proposal, but regional (such as the European Union, for instance), and global (something along the lines of the General Agreement on Tariffs and Trade, for example) levels are far from marginal. In fact, all three levels require careful coordination so as to ensure that each level above the national involves a minimal set of international guidelines. In essence, the regulatory regime at the global level would need to ensure against protectionist or discriminatory trade policies at lower levels. I only wonder whether this reading of Rodrik’s proposal ends up being a Plan C for global finance.