THE banking system which failed in 2008’s global crisis must be replaced, not repaired, the Bishop of Durham has told an audience of international financiers.
The Right Reverend Justin Welby, a former oil industry financier who is a member of the ongoing Banking Standards Commission, told a conference in Zurich, in Switzerland: “One principle seems to be to be clear: we cannot repair what was destroyed in 2008, we can only replace it with something that is dedicated to the support of human society, to the common good and to solidarity.
“Financial services are crucial to human development but they only do their job when the work they carry out is done in a way that is truly a service.”
Bishop Welby also used the destruction of Coventry Cathedral during the Second World War as an allergy of the ruin faced by the financial system in the aftermath of the global financial crash.
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