National economies were plunged into recession and, 16 years later, the public finances of the world’s most advanced economies are still dealing with the consequences in terms of borrowing and debt levels. Lending is never going to be risk-free. More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Tough capital ratios have produced bad outcomes.

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But as is often the case, the enforcers overdo it. These deals are chosen by our editorial team, as we think they are worth highlighting. * Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. The decision of the Bank’s prudential arm to take the foot off Basel brakes is correct. But if the UK wants a vibrant and competitive banking sector, that feels able to address lagging private sector investment and lacklustre productivity, there is a strong case for further liberalisation.