Banks can become socially useful and local – Prof Richard Werner

Speaking at the Just Banking conference in April, Prof Richard Werner called for an end to the suppression and repression of the third sector, including mutually-owned financial institutions and credit unions, while also calling for the introduction of a “regime of credit guidance”. Werner, chair in international banking at University of Southampton School of Management and founding director of the Centre for Banking, Finance and Sustainable Development, said:

“[we need to] return the power to create and allocate money to the people, this privilege belongs to them … by having local banks we can have local money.”

Prof Richard Werner at the Just Banking conference on 20th April 2012