Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank.
Thursday, May 13, 2010
We are Greece says Mervyn King, Governor of the Bank of England
From the Telegraph via Edmund Conway
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