Time for governments to take on the banks

The Basel-based Bank for International Settlements which is owned by 60 central banks “fosters international monetary and financial co-operation and serves as a bank for central banks” states Wikipedia.

According to its own description, BIS “co-ordinates regulations in the fields of financial services to promote international financial stability”.

It all sounds so very important and, given the events of recent years, also very virtuous, but where was it when we needed it most?