The formation of Finance Watch in Brussels may represent the first baby steps towards a body with the knowledge, reputation and muscle to hold the financial sector to account.

One might have expected charitable foundations - the financial muscle behind many civil society initiatives - to be keen to support pressure groups or policy research bodies concerned with financial markets structures and players. But the authors have found only weak evidence that foundations really want to engage with the issues and much caution about doing so. The challenge is there, however: formulate a vision and write a plan and the money might, just, be available.

The Giving Pledge promoted by Bill Gates and Warren Buffett is a huge commitment of funds by the super-rich to philanthropic ends. At its core is a view that business, however conducted, is just a means to an end, the source of money to be distributed to good causes by wealthy elites. Business leaders would do well to apply their zeal and skills to reforming the objectives and operations of their vast engines of wealth.

Non-profits have suffered in the financial crisis no less than their counterparts in the private and public sectors. But could this be a 'Greenpeace moment': might philanthropic foundations support the creation of a civil society conscience for international finance?

Measuring activity better than GDP does is good but is no panacea