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British Prime Minister Gordon Brown explains how new institutions with new values will govern his country's banking system.
Excerpt: Tough times like these test our character and values as a nation. So even in a recession, we have to act now, both to protect people from the downturn and to prepare and equip ourselves for every future challenge.
Our future lies in low-carbon, high- technology manufacturing and services. Hence our investment in science, green jobs, skills and the digital backbone on which the rest of the economy depends. That is why we reject the idea of cutting spending now. But at root, the competitive edge that we need in the future requires an effective flow of credit through a reformed and more responsible banking system.
I understand and share people's anger towards the behaviour of some banks. But anger on its own does not offer us a solution. Instead, Britain needs to lead the world in reforming and restructuring our banking system.
