Economy healing, but Bank warns on recovery's pace

The world economy is no longer on the brink of collapse but the upswing may be more protracted than during previous post-war recessions, the Bank of England said on Wednesday.

"Over the past year the world economic and financial system has received emergency treatment," Mervyn King, the governor of the Bank, said. "Now the economy requires a period of healing. That will take time."

At a press conference for the launch of the Bank's quarterly Inflation Report, King said that there were "solid"