Nor does increased internal and external oversight and regulation appear to have decreased the level of risky or illegal behavior in banks.

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It suggests that their reputations will improve due to external forces (in the form of increased regulation) as opposed to initiatives undertaken by the industry itself and its participants to bolster their reputations.

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As the UK's Europe Minister, David Lidington, said: "If you look at the summit conclusions, you'll find very ambitious language there about strengthening the single market, cutting the amount of red tape and regulation on small businesses, on expanding external trade".

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