FSA’s Turner warns emerging markets not to repeat West’s mistakes


Adair Turner, chairman of the UK's Financial Services Authority and one of the leading candidates to replace Mervyn King as governor of the Bank of England, warned emerging economies to be vigilant so they do not repeat the mistakes of developed economies that caused the current financial crisis.

"Emerging markets need to watch carefully to ensure that they do not allow the build-up of excessive leverage, creating conditions for future crisis," Turner said during a speech, ‘Lessons from the

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