"I've got a message for David Cameron: the British people will not tolerate anything less that a full, open, independent inquiry," Mr Miliband said.
"The British people will not tolerate the establishment closing ranks saying we don't need an inquiry.
"They want a light shone into every dark corner of our banking system. They want bankers held to account. They want the system rebuilt.
"Nothing less than a full public inquiry can do that. Sticking-plaster solutions will not heal this wound."In calling for a light shone into every dark corner of our banking system to hold the bankers to account and rebuild the system, Mr. Milibrand is effectively calling for requiring the banks to provide ultra transparency.
Under ultra transparency, the banks are required to disclose on an on-going basis their current asset, liability and off-balance sheet exposure details.
With this disclosure, market participants can see what the banks are doing and exert discipline on the bankers.
As everyone knows, sunlight is the best disinfectant.