Interesting piece by Rupert Read, Prospective MEP for Eastern Region:
"We’re pouring trillions of euros into banks, and they’re not doing what we want them to do. Despite our investment and a worldwide coordinated interest-rate cut, commercial banks still won’t lend much to each other, and certainly not to the rest of us. The only solution is for banks to be nationalized or, in the case of financial institutions formerly owned by their customers, permanently remutualized."
Read the full article here.
I'm not convinced he's right though. I favour localisation over nationalisation of banks in the longer term, although there is a good case for national control in the short to medium term.
Mutuals are the way forward and the more localised they are the better.