The Government has recently proposed that the Bank of England should take on the primary responsibility for macro-prudential regulation in this country (see this thoughtful appraisal). Such significant shake-ups in our fundamental financial (and political) institutions do not happen frequently – they are made possible only by crisis. So we do not have repeated opportunities to get them right. We have one shot. This article is a personal ‘think-piece’, a sketch of how to try to ensure that we get this matter right.

The recent banking crisis has surely shown that banks that are ‘light-touch’ regulated will invariably end up taking ever-greater risks, in pursuit of ever-greater profits. Such endemic risk is not basis for a secure real economy. Thus I have argued previously that there is a case for the banking sector to be genuinely nationalised (i.e. not run at arms-length), on a long-term basis.

But it may not be necessary to go that far. If there is one powerful and substantial genuinely nationalised bank, permanently, a bank that ensures that lending is kept going when it needs to be for the social good, ensures that all citizens have access to banking services (i.e. banking itself ought to be considered a public service, and ensures that the interest rate for borrowers is kept long-term low (See Ann Pettifor here and here for why), then that should be enough. For such a bank would provide a ‘lead’ that commercial banks would be unable to avoid following.

As an MEP Candidate campaigning around the East Region in the last few weeks, I’ve frequently asked and been asked the question: what can June’s European Union Elections really do for Britain? And aren’t Euro-politicians all a load of sleazeballs, anyway? The results of a recent EU Public Opinion Monitoring Unit poll show these questions to be central to the perception of the EU across the country. It found that a mere 38% of UK respondents claimed interest in the upcoming elections.

How can politicians revive interest in these elections?

Perhaps, paradoxically, an opportunity has been created by this low level of interest by the public, and it is the one I want to focus on here: As each party makes preparations for a possible general election, the full crush of corporate money, spin, and slime that have come to characterize national elections has yet to fully infiltrate the Euro campaign, which is a slightly lower-key affair. So: Here perhaps is where we as candidates and elected politicians can stake our claim to make this election campaign a process that will improve the image of politics in this country.

In this vein, in a case of life imitating art (fans of The West Wing will know to what I refer), the 7 Greens standing for the East of England in the EU elections have published the following ‘Clean Campaign Pledge’: