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Mr. Tirole, 2014 Winner of Nobel Prize for Economics, has said, “regulation is a complex subject because it must be light enough to prevent entrepreneurship from being squelched,” while “at the same time you need to have a strong state which is going to enforce those regulations.” The discussion among Members was very much in the same vein: that regulation is sometimes difficult but, on occasion, essential. The key is to grasp the difficulties and proceed, cautiously aware of the complexities and subtleties.