John Lanchester on the urgency of reform to the banking sector at the London Review of Books:
Another global crisis is coming, as sure as Christmas. The euro? China? Who knows – but it’s coming, and when it does, we need our banks to be safe, for all sorts of reasons, including, right at the top of the list, the fact that we can’t afford to bail them out in the same way as last time. It’s manifestly obvious that our banks are too big. So the solution needs to be equally obvious and equally big…
More here.