Europe needs to go in for a proper restructuring of its banking sector along the lines of that executed by Gordon Brown and Alistair Darling in 2008-09

History suggests that the last place one would look for the resolution of a crisis is a summit of world leaders. Yet every so often summits can pave the way to a sea change in policy. The G20 meeting in London presided over by Gordon Brown in the spring of 2009 agreed an impressive-sounding trillion dollar boost to the world economy, but more importantly sealed a deal between the leading powers that they would each spend more until the spectre of recession was warded off. Similarly, the first G20 summit that David Cameron attended as prime minister in 2010 marked the point at which Europe and America parted ways on economic policy.

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