Molly Scott Cato MEP:
In an economy where money is created in the private sector based on debt, a banking licence represents an extraordinary power granted to a small number of corporations by the state. Strict regulation of their activities, particularly when their risks are guaranteed by the public, is therefore essential.
An insistence on the need to reform both the structure and the culture of banking is nothing to do with “banker bashing” but rather a necessary defence of the public interest against the destructive behaviour of the greedy few.
Business more of less as usual for bankers