Liam Halligan writing in the Telegraph:
Japan didn’t stagnate in the 1990s because it refused to do QE and a massive fiscal expansion, or because it waited and did both half-heartedly. Japan suffered a 10-year slump precisely because its too-big-to-fail, politically-connected “zombie” banks were allowed to stagger on, acting as a massive drain on the broader economy. And, much as it pains me to write it, that’s precisely what’s happening in the UK.
via UK must not let ‘zombie’ banks drain the economy – Telegraph.