Global monetary reform our biggest challenge: King

Reform of the international monetary system is the biggest challenge facing the world today, Mervyn King, the governor of the Bank of England, said on Wednesday.

"The biggest risk at the international level is that having talked about global imbalances for the past decade and doing nothing about it, the current crisis largely stems from the failure to deal with that. And we haven't still dealt with the underlying causes," King said at the Bank's Inflation Report press conference. "That to my

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