Taxpayers should never again be put in the position where they are forced to bail out banks brought low by their own bad decisions, City minister Lord Myners said.
The peer will host a meeting in London of the world's biggest economies and international financial regulators today to discuss measures to prevent future excesses in the banking industry.
The seminar at 11 Downing Street will be attended by officials from each of the G7 nations, as well as the World Bank, International Monetary Fund, Bank of England and Financial Services Authority.
Lord Myners convened the meeting to seek solutions to the problem of banks which become "too big to fail" and to discuss the best way to ensure financial institutions will not need taxpayer bail-outs in any future crisis.
Writing in The Guardian today, he said taxpayers were right to be angry when banks which had been bailed out with their money paid out large bonuses and refused to lend to businesses in the real economy.
And he said banks could no longer expect to receive handouts as if they were charity cases.
"It is the fundamental unfairness of the rescue that should be the cause of lasting anger," said Lord Myners.
"When recessions hit, businesses get into trouble. And some businesses fail, taking many jobs with them. Banks, however, were for the most part protected from the rules that applied to everyone else - and protected at great cost to public funds."
Lord Myners said tomorrow's meeting would "address this fundamental inequity at the heart of global capitalism".
"If a bank is judged to be too big or too important to fail, it should be the banks and their owners, not taxpayers, who pay the price for saving it," he said.