The Business Secretary, Lord Mandelson, has said Britain will emerge stronger from the current economic storm but will also become a "different country".
In a speech in the City of London, the Business Secretary said a "sounder, more sober" banking model was needed.
Speaking after the speech, Lord Mandelson told Newsnight's Jeremy Paxman that no single person, government or country was to blame for the collapse in the global financial system.
He also said an international framework was needed to regulate the flow of finances across national boundaries.
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