King steps up calls for global monetary reform

Mervyn King, the governor of the Bank of England, on Wednesday urged officials from around the globe to cooperate to fix the instability inherent in the current international monetary order.

King told lawmakers on Wednesday: "We need an international monetary system which places symmetric obligations on all countries to take account of the effects of their policy choices on the rest of the world. Otherwise, how are we to prevent the build up of excessive global savings, on the one hand, and p