Bank of England Governor Mervyn King calls for merger of G20 and IMF

The G20 should effectively merge with the International Monetary Fund, under a radical proposal to overhaul management of the international economy issued by the Bank of England Governor.

Mervyn King said that unless politicians act to create an international body with the authority to reform the monetary system, the world would be consigned to another crisis in a matter of years. He warned that although much attention was being paid to efforts to overhaul the financial sector, in the meantime the global economic imbalances which fuelled the crisis were worsening.

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