Dollar pegs should be reconsidered: King

Mervyn King, the governor of the Bank of England, warned on Wednesday that it would become "increasingly important" for countries to discuss abandoning their dollar pegs in the coming years.

King said that links between the currencies of many emerging markets and the greenback had created "enormous tensions" in the global economy and were responsible for the surge in food and fuel prices.

"What we've been through in the last five to ten years is the transition to a world economy where a very