Bank’s King calls for grand bargain to tackle global imbalances
Mervyn King, the governor of the Bank of England, on Friday called on emerging and advanced economies to use the G-20 as a platform to reach a "grand bargain" that would rebalance the global economy in the near term and avert a move towards protectionism.
At the 2011 Economic Summit at the Stanford Institute for Economic Policy Research, King said the current pattern of demand in the world economy was unsustainable and that political tension generated by the divergent preferences of surplus and
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