Gordon Brown this weekend surprised commentators by calling for new measures to curb the destructive power of banks. Speaking at the G20 summit in St Andrews on Saturday, he called for new measures to be considered. These included an 'insurance premium' and a form of the Tobin tax.
This is exactly the approach we should have. New thinking, and action, is required before 'business as usual' prevails so sowing the seeds of the next financial crisis.
In the Spring of 2008 (about 18 months ago) in a submission to the government's review on financial stability, I argued for a banks insurance premium. I'm pleased to see it on the international agenda and being given serious attention by the IMF.