[talideon]

So, you're essentially proposing a weaker, informal version of Basel III. In which case, why have such an exemption in the first place? What innovations does it lead to? Restrictions on banking typically exist for a _really_ good reason. After all, we saw what happened when retail and investment banking were allowed to mingle because it 'lead to [...] innovations'. If you're going to advocate for something beyond saying 'but look, innovation!', you need to be more explicit about what those innovations are, because European banking is plenty innovative within the constraints of Basel III.

[worik]

Yes.

And the pace of innovation in US banking was very slow, essentially stalled, for a generation from the consumer's POV

Here in Aotearoa we have ATMs on every street corner since the 1980s. All but the tiniest traders have had pos electronic transactions for nearly thirty years

Other countries are even more advanced (our banks are all like yous now, consumers now viewed as pests)

I want innovation in customer services, but what we get is innovations in financial engineering.

May they all rot...