Mervyn King warns of 1930s-style collapse

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The Governor of the Bank of England has warned of a 1930s-style collapse, if policymakers are unable to agree a way forward on currency conflicts.

Speaking to an audience in the West Midlands, he said inflation may still be volatile and it may be some time before it returns to the target of 2%.

He said global economies needed to avoid trade protectionism and currency manipulation, to avoid disastrous consequences.

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