FSA’s Turner queries faith in deep and liquid markets
Both the 1997 Asian financial crisis and the more recent global one were caused by excessive financial activity and the "sensible conclusion" was that financial liberalisation and intensity, past a point, were worthless at best, Adair Turner, the chairman of the Financial Services Authority (FSA), said on Monday.
Speaking at the Reserve Bank of India, Turner said despite key differences in the causes underpinning the crises of 1997 and 2008, both ultimately boiled down to "sustained increases in
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