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Wednesday, October 21, 2009

Bank of England Governor Mervyn King and Christian Socialists support same bank reform

In an echo of CSM's current campaign on banking reform, Bank of England Governor Mervyn King last night argued that banks should separate, with more risky activities being split out.

Speaking to Scottish business organisations, King maintained that regulation was not enough, saying “The sheer creative imagination of the financial sector to think up new ways of taking risk will in the end, I believe, force us to confront the ‘too important to fail’ question. The belief that appropriate regulation can ensure that speculative activities do not result in failures is a delusion.”

His comments effectively support CSM's campaign to separate banks into 'casino' banking and more traditional retail banking operations. CSM is behind Early Day Motion number 2008, which makes this call.

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