BoE's King on the International Monetary System

In a speech on 'The International Monetary System' given on 4 February, Mervyn King of the Bank of England urged members of the Group of Seven industrial nations to agree "on the nature of the risk" and collaborate with China and India to rebalance currency reserves.

King called on the International Monetary Fund to propose a new structure for global currencies.

"There is likely to be a limit to the amount of debt that one country can issue as a result of persistent deficits before investors

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