John Kay On The Market
Prof. Kay doesn’t pull any punches when discussing the worst flaws of the market, the financial sector or the euro zone.
On the often-expressed industry view that people just need to better understand how the financial sector works:
“I do not know what is under the bonnet of my car and I do not want to know. … Nor do I want to read large volumes of disclosures about what’s under the bonnet of my car every time I sit behind the wheel. What I want is the confidence … that the combination of a modest amount of regulation together with a manufacturer’s concern for his reputation means that … I can expect that most of the time it will do more or less what I want it to do. That’s very far from being the kind of comfort which people can today bring to their purchase of financial services.”
