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control more than one firm in an industry in which case it may encourage collusion (which is probably in the firms’ interests, though it may not be in society’s interests) or at worst run down one of the firms or encourage its takeover/merger to reduce competition. Again, the problems of accountability and secrecy are relevant here. I would like to conclude with the “optimistic” view that, to a large extent, the two types of financial systems are not completely mutually exclusive so that it could be possible to combine some of their best features. I can see no particular reason why competitive and dynamic financial markets are incompatible with a banking structure which is more responsive and closer to industry. Already there are signs that, for example, the pension funds in US and to some extent the UK have abandoned their “obsession” with short-term performance and are switching to index linked portfolios which could be a basis for both a more stable and efficient stock market and, hopefully, greater relations between firms and financial institutions.