Plantation shutters.....no panels

For privacy, I would recommend a top-down/bottom-up shade. This way you can open it from the top to get light in the room, without everyone seeing you. I think a big problem with shutters is, that you have to comprimise on privacy to get any light. They are also very expensive compared to this shade.

You could also go with a layered approach. Shades like those shown above would be practical for your privacy and/or light control needs. Then you could add decorative rods just below the ceiling and use stationary drapery panels to frame each set of windows. I'm not seeing the radiator in the photo, so I'm not sure whether stationary panels would be near the radiator.