Capitalism has slipped its moral moorings. Since the financial crisis erupted, remedies have focused on capital, equity and structure. These are certainly necessary. But it is even more important that we address the deficiency in moral and human spirit which was the real root of the crisis. We are doomed to repeat our mistakes if we do not restore sound ethics to economic behaviour.

In recent years finance has forgotten or ignored that it is a servant and not a master. Letting the market decide was the morality of our time. We became identified with the market and lost sight of its real purpose: to enable us to fulfil a duty owed by virtue of a shared humanity to the wider community. Financiers created credit out of nothing but eschewed the responsibility of the creator.