Zero rates the only way out: ex-MPC members

Central bankers and global regulators must throw out the rule book on moral hazard, and act rapidly and decisively to fix the global financial meltdown, former members of the Bank of England's Monetary Policy Committee have said.

In a debate at the London School of Economics (LSE), Howard Davies, a former deputy governor at the Bank who now heads the LSE, was joined by three former external members of the committee: Willem Buiter, Charles Goodhart and Sushil Wadwhani.

All were gloomy on the o