The FT has reported:

In a 66-page report expected to be endorsed by heads of government at next week’s G8 summit in Italy, ministers agree “a re thinking of the framework of the global economic and financial system is critical”.

“A set of common principles and standards governing international economic and financial activity is an essential foundation for stable global growth,” the report says, laying out the proposed Lecce framework, named after the baroque Italian city where the ministers met this month.

The report, seen by the Financial Times, recommends the “global standard” cover such areas as executive pay, corruption, banking, corporate governance, taxation and markets.

The focus is on improved ethics.

And I agree, we need them.

But let’s be clear, such appeals are not enough. I’ve been around long enough to know that the only ethic in the City and in my profession is making money. The only thing that constrains them is fear of being exposed. The only way to alter outcomes is to change available structures.

That is why we have to change the structure of banking.

That is why we have to curtail the likes of Barclays.

That is why we have to split traditional and casino banking.

The case is so obvious that even the Bank of England buy it. So why, oh why, can’t our politicians?

Ethics are good, but ethics aren’t enough right now. I hate to say that, but the case is clear.