Global regulators are putting the banks through a boot camp to knock them into shape. Banks probably feel they have been on a crash diet and a strict fitness regime since the crisis. But few outsiders would have much sympathy. The global crisis left the public feeling that the banking sector was bloated, overpaid and in poor shape to perform its key function of supplying credit to the real economy. This week, the Archbishop of Canterbury has thrown his moral authority behind the calls for tougher regulation, in particular a financial transaction tax.
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