A troubling lesson of Northern Rock

The Northern Rock crisis has revealed a fundamental change in the nature of bank runs, says Robert Pringle, the editor of Central Banking journal.

Central bankers around the world are watching the Northern Rock saga to see what lessons can be learnt from it for their own crisis management. It is, thankfully, not all that often you get a chance to watch an experiment in managing a bank run taking place in real time. "There, but for the grace of God, go I" is a thought flashing though many a

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