Vitis: Banking nationalisation
The credit crisis has prompted a deep bout of navel-gazing about the nature of the banking sector and what role it should play in the future economy. Finance seemed to have become a hermetically sealed industry specialising in practicing a none-too-scientific form of alchemy.
The nationalisation of the banking system across OECD countries has been greeted with forewarnings that the State has no role in running banks. Although it has to be noted that most of these Cassandras are ex-bankers. Anecdotal evidence suggests that this could very well be true. But what about career bankers? Do they have any role in running banks in the future? After all they caused the mess in the first place.
