February 29, 2016
Former Bank of England Governor Lord Mervyn King has warned that the world is on the cusp of another crash because regulators’ have failed in their attempts to reform the financial system in the wake of the last crisis.
“Another crisis is certain, and the failure…to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later,” Lord King says in his new book, the exclusive serialisation of which starts in The Telegraph this weekend.
Since the last crisis, “governments and regulators have been hyperactive at the national and international level” but “bankers and regulators have colluded in a self-defeating spiral of complexity”, he claims.
Lord King had a turbulent ten-year reign as Governor of Bank of England between 2003 and 2013 - a period in which he was at the heart of a £500bn bailout of Britain’s broken banking system in 2008 led by Chancellor Alistair Darling and Prime Minister Gordon Brown in response to the global crash.
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Former Bank of England Governor Lord Mervyn King has warned that the world is on the cusp of another crash because regulators’ have failed in their attempts to reform the financial system in the wake of the last crisis.
“Another crisis is certain, and the failure…to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later,” Lord King says in his new book, the exclusive serialisation of which starts in The Telegraph this weekend.
Since the last crisis, “governments and regulators have been hyperactive at the national and international level” but “bankers and regulators have colluded in a self-defeating spiral of complexity”, he claims.
Lord King had a turbulent ten-year reign as Governor of Bank of England between 2003 and 2013 - a period in which he was at the heart of a £500bn bailout of Britain’s broken banking system in 2008 led by Chancellor Alistair Darling and Prime Minister Gordon Brown in response to the global crash.
Read more
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