London (MNI) – The world economy is currently “far from vibrant”
according to Mervyn King, Governor of the Bank of England, speaking at
the Global Investment Conference today.
King said that confidence has been damaged in the financial system
and that to restore it countries have to act together. He said London
was has an unsurpassed record as a financial centre but it needs to get
back to its mission of financing the global economy.
The City’s “future lies in its ability once again to finance an
expanding and vibrant world economy. Of course the world economy at
present is rather far from vibrant and the problems in the euro area and
around the world have inevitably affected London and the United
Kingdom,” he said.
“The great challenge we all face is to restore confidence in our
financial system and to ensure that it works in the service of the real
economy rather than in its own interests. Words will not be enough, real
actions and real change are required. No single country acting alone can
solve the problems that led to the financial crisis,” he added.
–London Bureau; Tel: +442078627495; email: ukeditorial@marketnews.com
reporting by Jack Teague
[TOPICS: M$$BE$]
