James Moore: We can't take our eye off the ball in reforming the banks

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The Independent Online

Outlook It bears repeating again and again that despite all the excitable talk of the UK having Europe's fastest-growing economy – and the indications that the recovery has moved beyond the mini-consumer boom that kicked it off – its overall GDP has still not reached the level it enjoyed prior to the financial crisis. It bears remembering what got us into that position.

The banking industry has been reformed, it's true. But the disaster at the Co-op Bank, apparently profitable throughout the crisis, provides a salutary lesson. The job of reform is only half done. And there will be a price to pay for any backsliding. This is a sector that needs to be watched like a hawk. Especially during the good times, although we're not there yet.