Irene Tinagli, chair of the Economic and Monetary Affairs Committee of the European Parliament has invited you to testify at a hearing about financial regulation. In particular, the Chair Tinagli has asked you to submit written testimony of a maximum of 500 words that: a) Explains the key costs and benefits of the Volcker Rule compared with the approach in the UK ("Vickers") and the proposal made by the European Commission ("Liikanen"). b) Compares these three approaches to a reinstatement of Glass-Steagall. c) Makes a clear policy recommendation which policy option you think is the best and why