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Investing in Change: The Reform of Europe?s Financial Markets by Andrew Gowers

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1Banking in a market economy – the international agendaPAUL TUCKER

The central challenge of the programme for reforming the global financial system is to return banking to its rightful place in a market economy. Mainstream policymakers and bankers of all persuasions are surely united in this: that banking should not depend on a safety net from taxpayers. Those who most espouse the disciplines of capitalism — bankers and financiers — should live by them.

Banks of all shapes and sizes are levered, run maturity mismatches, lend to risky borrowers and are highly interconnected. The reform programme will moderate but not abolish this. So, like any business, banks can fail. But, unlike many businesses, they can fall like dominos, with big economic ...

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