Bring back Glass-Steagall?

Suddenly, everybody is talking again about separating merchant banking from commercial banking. Ideas that a few months ago might have been dismissed as crackpot - bringing back a version of the Glass-Steagall legislation - now look as if they were ahead of their time. They are now being floated again by some of the world's most experienced and senior financial statesmen, notes Robert Pringle, the editor-in-chief of Central Banking Publications.

Paul Volcker, a former chairman of the Federal

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