What is the future of finance? Decisions, taken in haste, seem to be generating two answers of enormous potential significance: a shift back towards banks and away from markets as intermediaries; and the emergence of an oligopoly of mega-banks, each too big to fail. These developments raise huge concerns.

Mark Carney, governor of the Bank of Canada, addresses some of the biggest in Monday’s FT. He notes that “certain markets are now frozen”. The result, he adds, has been a reversal of the previous shift from banks to markets and an enormous strain on bank capital and lending capacity. This is turning a financial crisis into an economic one.