Well first, if Bitcoin needed a central regulatory authority to decide its 'fair value' why not just hand it over to the Federal Reserve? They have a hell of a lot more experience than the current exchanges.
Don't think anybody is suggesting something like that.
Maybe, but I'm not so sure starting a 'club' like that is a good idea, it reeks of potential exploitation/corruption to me.
I think this issue can be resolved w/o extensive inter-exchange regulation.
agreed