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The new watchdog should be completely independent.
This week he asked the public to help him define what the watchdog should do.
Libel resolution unit The new watchdog should have an arbitration process in relation to civil legal claims against subscribers.
The watchdog should have "sufficient powers to carry out investigations both into suspected serious or systemic breaches of the code".
But he warned that a new press watchdog should not curb freedom of expression in the British press, highlighting the state-controlled parts of the Russian media.
Senior City sources said questions were being asked whether the Financial Services Authority, the City's watchdog, should have detected the bank's problems earlier.
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State watchdogs should police local finances.
That doesn't mean that ethics watchdogs should stop going after Trump.
It said that the world's watchdogs should work together, to avoid driving hedge funds into less-regulated havens.
Legal wrangling over how much data foreign watchdogs should be allowed to access could yet damage the agreement.
But in fact, watchdogs should bask in such disdain if it means they are doing their jobs.
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