How narrow banks would fit in the financial system
The sanctioning today by Brussels of the break-up of Northern Rock, a UK lender, is but the latest chapter in the sorry story of banking excess and flawed regulation. A story that is by no means over. In the face of what appears to be government hopes for a return to business as usual Mervyn King, the governor of the Bank of England, has bravely called for a restructuring of the banking system.
Debate has tended to focus on whether to have "narrow banks" or not. However, the narrow bank1 proposa
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