A bank that merely focuses on one sector misses the cross-sectoral interactions and business opportunities that require financial services. Community banking To say that national banks need not be pressed to downsize or split into regionally or sectorally specialised sub-units is not to dispute the value of the community bank.
Reforms are needed, in fact long overdue, to improve their functioning in order to increase their legitimacy and safeguard their role in the future. It is easier to reform the existing institutions than to dismiss them and try to build new ones. By definition, however, multilateralism cannot be preserved by the goodwill of one side alone.