Economists as well as lawyers are likely to be included on any panel established for a royal commission into banking and finance, Andrew Leigh, Labor's shadow assistant treasurer, said yesterday."The story of how you get on the royal commission [will] typically be a mix of lawyers and economists," Leigh said.Labor does not plan to announce any preferred panel for the royal commission, nor any terms of reference, before the election, Leigh said."We've made clear if we won, it will be called."I'm not sure the smart heads in the industry are terribly worried about it. If they work through the issues carefully there's nothing to fear from an inquiry."The succession of scandals looks less like bad apples and more like a systemic issue in the sector."The Greens banking policy, released this week, called for "breaking up the banks to separate retail banking from financial advice and investment banking," a more definitive position than so far embraced by Labor.Leigh said of this stance: "That's jumping the gun. The purpose of the royal commission is to look closely at issues of vertical integration and look at what the banking industry looks like at the moment."He drew parallels with strategic decisions of Citi in the US since the GFC to reorganise around a more traditional banking model, which "makes sense for them."The industry, Leigh said, "recognise we are serious. When they [the banks] go to the global financial markets for half a trillion dollars a year, they get the money at extraordinarily good interest rates not because they are regarded as in the top 200 world banks, but top 20 banks."The international financial markets make no distinction between CBA and ANZ, but see them as well regulated Australian banks."