World economy is sleepwalking into a new financial crisis, warns Mervyn King

Past crashes spawned new thinking and reform but nothing has changed since 2008 banking meltdown, says former Bank of England bossLarry Elliott: The global economy needs to change fastThe world is sleepwalking towards a fresh economic and financial...

World economy is sleepwalking into a new financial crisis, warns Mervyn King

Past crashes spawned new thinking and reform but nothing has changed since 2008 banking meltdown, says former Bank of England boss

The world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King.

Lord King, who was in charge at Threadneedle Street during the near-death of the global banking system and deep economic slump a decade ago, said the resistance to new thinking meant a repeat of the chaos of the 2008-09 period was looming.

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