Professor Terrence McDonough:

My feeling is that bank regulation cannot be too intrusive. I think the lesson of the banking crisis is that the private banking system cannot be trusted with all that money. My view would be that the financial system, the banking system, should be primarily publicly owned. I was asked earlier whether I would point to a model which I would endorse; I would not point to a whole model but I think that the South Korean public ownership of its financial system is really rather well run.