Economy not policy accounts for differences: King

The marked contrast in the responses of the Federal Reserve, the Bank of England and the European Central Bank to the credit crunch is down to divergences in the economic conditions facing each central bank rather than policy stances, Mervyn King, the governor of the Bank said.

Speaking before the Treasury Select Committee, an influential group of British lawmakers, King said that the Bank's response had not mirrored that of the Fed as the economic outlook in the UK remained considerably brig

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